GST Fever has carried out a survey among Chartered Accountants and Company Secretaries on situations arises out of Covid 19 and their impact on Economy & Individuals. The purpose of this survey it to understand how COVID 19 would impact economy, what people of India are expecting from Indian Government and how impact of COVID 19 can be neutralised by taking measures.
In this survey, 101 Chartered Accountants and Company Secretaries from different age groups and located in different Indian territories has submitted their responses. From total participants 33% was female participants and 67% was male participants.
A set of 15 questions was asked and each participant has answered all 15 questions and took average time of 2 minute 20 seconds to submit their response. On the basis of response from 101 participants we have concluded survey and following is the summarised result of Survey:
There are 80% participants who have opinion that EMI’s on various loans should be deferred for further period of 3 months.
One of the amazing fact which comes out through this survey is that almost 90% people have view that corpus of large charitable/religious institution must be used for development of Hospitals in nearby area.
From total participants, 94% people have view that allowances and perquisites givens to Members of Parliament (MPs) and Members of Legislative Assembly (MLAs) must be withdrawn.
There are 80% participants who have opinion that it is best time to announce 2 child policy.
For promotions in government organisations, 69% people have opinion that proposed promotions must be deferred for 2 years whereas 31% participants voted against it.
There are 84% participants voted in favour of deferment of state assembly elections for 1 to 2 years so that expenditure on such elections can be avoided.
As per the view of 84% participants, a special relief package should bring out for Aviation and Tourism Industry.
As COVID 19 has clearly established that India does not have adequate medical facility, 93% participants have view that government should increase its Healthcare Budget and Tax Incentive can be given to organisations that are setting new units of Medicine and Medical Equipment.
There are 62% participants who understand that RBI should reduce Repo rate and bring it around 2% to 3%.
As COVID 19 mandate to stay in home and option of work from home is the only option to work, considering the same fact 88% given his preference to work from home even post COVID 19 crises. Participants have also opinion that government should promote work from home culture.
Another interesting fact is that 49% participants voted to reduce retirement age to 55 years in government organisations however at a same time 51% people are disagree on same.
From total participants, 78% have opinion that government should bring down GST rates for survival of economy.
As there was prediction that government can invoke financial emergency, 51% people should have opinion that government should invoke financial emergency.
As one of the most crucial fear was that people will lose their job and in same line, 86% participants have view that there will be layoffs. Further there are 84% people who want that government should bring some provisions where large organisation (turnover more than 100 Crore) cannot retrench their employees.
Above Survey was carried out between 23rd April 2020 to 3rd May 2020. Above survey is just views and opinion of participants. No legal opinion can be framed on the basis of above survey.