The GST Council on Saturday discussed the impact of coronavirus on the economy, Finance Minister Nirmala Sitharaman said. Briefing reporters after the 39th meeting of the GST Council, Sitharaman said the government is trying to make an assessment on the impact of coronavirus on the economy and is talking to the industry and the services sector.
Meanwhile, Delhi Deputy Chief Minister Manish Sisodia said that the pandemic would lead to job losses and deficit in government revenue.
"Corona is not only a health crisis. It's going to be most dangerous economic crisis world is going to face. The crisis would result in job losses at large scale & revenue deficits in govt. I demanded GST council should discuss this and act in advance before the systems fail," he tweeted.
Ratings agencies have lowered global growth forecasts citing subdued economic activity and consumption due to the deadly virus.
Coronavirus, which has been declared a global pandemic by WHO has claimed over 5,000 lives across the world and infected over 1.20 lakh people.
In India, the number of coronavirus positive cases climbed to 84 with 2 deaths reported.
Several states ordered the closure of schools, colleges, public institutions and cinema halls.