Almost everyone is saying that GST will help India to grow by 9 percent if seen through statistical viewpoint. The goods and services tax is scheduled to be rolled in less than a month and the NITI Aayog CEO Amitabh Kant is betting upon it with a positive note. He mentioned that “GST will simplify India’s taxation system and help deal with tax evasion, GST is India’s biggest tax reform since 1947…GST will help India in achieving 9 percent growth rate.”
It was learned that GST is an ambitious tax scheme being denoted by the prime minister Narendra Modi and will definitely bring a revolutionary change in the tax structure of the nation. As reviewed by various tax experts, it is known that the GST will bring a growth in GDP of about 1 to 2 percent and will take down the inflation by 2 percent over the long term effects.
The comment was under the influence of recent findings over the losing tag of the economical growing nation after the China as both the countries are in the race to find its place in growing nations as the China recorded a growth rate of 6.9 in front of India’s 6.1 percent in the March quarter. However, the statistics for the entire year got to see a change and India seen an annual growth basis of 7.1 percent for 2016-17.
The prime minister is also continuously vigilating over the progress of the GST and held a preparedness review meeting which was accompanied by the Finance Minister Arun Jaitley, Revenue Secretary Hasmukh Adhia and senior officers from the Central Board of Excise and Customs (CBEC).
