Government says no plan to impose Covid cess on GST
The Finance Ministry is considering not imposing its own cess on Goods and Services Tax (GST) because companies are already facing decline
New Delhi: The Finance Ministry is considering not imposing its own cess on Goods and Services Tax (GST) because companies are already facing decline in sales and demand, according to the sources.
Finance Ministry sources said the imposition of any kind of cess on the current economic situation during the Covid-19 epidemic would be no less than a disaster in itself.
A source said such a tax hike would be detrimental at the moment as sales are already low and the industry is facing difficulties in terms of declining demand and labour.
Congress leader Kapil Sibal had earlier tweeted that even the RBI had acknowledged that the growth rate would be negative this year.