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Biz EOD: GST at 5-month low; auto sales crash; MSMEs to get relief package

BusinessToday.In     April 1, 2020

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:

1.Coronavirus effect: GST collection slips below Rs 1 lakh crore mark in March, hits 5-month low

The GST collection for March include CGST (Central GST) of Rs 19,183 crore, while SGST (State GST) and IGST (integrated goods and services tax) have been recorded at Rs 25,601 crore and 44,508 crore, respectively.

2. Coronavirus impact: Maruti Suzuki's sales crash 47% in March, others may perform worse

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.

3. Coronavirus impact: Sensex sinks 1,203 points in first session of FY21, Nifty below 8,300

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.

4. Coronavirus-hit MSMEs, exporters to get relief package

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.

5. Govt may extend Air India bid deadline as coronavirus disrupts economic activity

The aviation sector has been hit hard by COVID-19 with airlines cancelling international flights and announcing pay cuts for employees.

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