Goods and Services Tax (GST) collection has slipped below Rs 1 lakh crore mark in March, hitting a five-month low of Rs 97,597 lakh crore, due to impact of coronavirus outbreak on the economy. Market leader Maruti Suzuki recorded a steep 47.4 per cent decline in sales last month at just 76,976 units against March 2019, while other manufacturers posted similarly distressing sales figures. Reeling under coronavirus crisis, exporters and MSMEs could expect interim financial relief with government readying a package for the two key sectors. Read for more top stories from the world of business and economy:
Maruti was one of the first companies to shift its production from BS IV to BS VI emission norms that come into effect across the country from today.
Global indices came out of the worst quarter ever experienced due to the coronavirus pandemic. Q1 performance for the US market was the worst ever while Europe saw its worst Q1 in 18 years. Similarly, the 30-share index recorded its biggest quarterly fall of 28.7% in the Jan-March quarter.
MSME sector representatives had last Saturday sought government help for payment of salaries saying they would not be able to disburse salaries and retain staff.
The aviation sector has been hit hard by COVID-19 with airlines cancelling international flights and announcing pay cuts for employees.