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Sunday, 25 July 2010

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GST will make India a $2-trillion economy soon - Pranab Mukherjee

Union Finance Minister Pranab Mukherjee on Thursday expressed confidence that the proposed goods and services tax (GST), when successfully implemented, would provide a trillion-dollar boost and propel the economy to $2 trillion soon. Addressing captains of industry at a FICCI meeting on Agenda for the Nation The Tax reforms GST and DTC,' Mukherjee said the new indirect tax regime would provide a level-playing field to domestic producers as it had a potential-providing inbuilt stimulus to the economy by removing tax distortions and tax competitions.

Quoting estimates from the National Council of Applied Economic Research that the implementation of a well-designed GST would see an increase of 2-2.5 per cent in the country's GDP (gross domestic product), with over 10 per cent increase in exports, Mukherjee said. The gain from GST will propel India from a $1-trillion economy to a $2-trillion economy in a short span of time. - Hindu

 

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