An Empirical Study of Sectoral Turnover Behaviour and GST Revenue in India During the COVID-19 Pandemic
DOI:
https://doi.org/10.53983/ijmds.v15n03.010Keywords:
COVID-19, GST Revenue, Sectoral Turnover, Indian Economy, Lockdown ImpactAbstract
This study examines the impact of the COVID-19 pandemic on sectoral turnover and Goods and Services Tax (GST) revenue in India using an empirical approach. The research is based on monthly data from September 2018 to August 2021, divided into pre-COVID and during-COVID periods. It focuses on selected sectors such as steel, aluminium, zinc, and lead to analyse changes in turnover behaviour, along with GST revenue trends. The findings reveal that the nationwide lockdown significantly disrupted economic activities, leading to a sharp decline in sectoral turnover, particularly in April 2020. However, the extent of impact varied across sectors, with aluminium showing relatively stable performance compared to others. Statistical analysis using paired t-tests indicates a significant impact of COVID-19 on the turnover of steel, aluminium, and lead, while zinc remained largely unaffected. In contrast, GST revenue, despite an initial sharp fall, demonstrated resilience and recovered steadily, showing no statistically significant long-term impact. The study concludes that while COVID-19 severely affected production and turnover in certain sectors, GST revenue stability may be attributed to price adjustments and gradual economic recovery. The paper highlights the need for targeted policy interventions to stabilize sectoral performance and sustain economic growth.
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