Industry to add $280 billion to GDP from GST in 8-9 years
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The industry is expected to contribute $280 billion to Indias GDP in eight to nine years due to a positive fallout of the Goods and Services Tax (GST) as structural changes in the ease of doing business will propel growth.
The study was done by ASSOCHAM-Ashvin Parekh Advisory Services. The Mumbai-headquartered body is a global management consulting firm with Footprint in India and the UK.
Describing the GST, in the short-term, as a “mini budget short of projection of estimated revenue”, the paper said most businesses would be able to get significantly more credits under the new indirect tax regime, leading to a benefit for most of them.
“It will bring a systematic approach and enhance transparency which will aid Growth of business and would help the industry to concentrate on its core business,” the paper said.