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GST will lead to increase in GDP in next 6 months: Godrej

Thursday, August 10, 2017

Veteran industrialist Adi Godrej yesterday said the Goods and Services Tax (GST) will lead to considerable increase in the GDP in the next six months. At the same time Godrej acknowledged that there are certain teething problems under the new tax regime.

"This (GST) could add tremendously to our GDP growth. There are some teething problems here and there, I think they are being resolved. "The government is taking a very refreshing approach to the GST introduction. I think it would be a great success and in the next six months or so, our GDP growth rate will rise quite considerably," Godrej said at the CII-India @75 event.

On the variable tax rates under GST, he said, "people expecting one single rate or two rates in a country like India with people with different levels of income is very unrealistic...I wouldn't call this GST a diluted form of GST introduction. "In fact, it has been introduced as it was envisaged and a lot of care has gone in setting the rates at the right level. Many common consumption items, the tax rates are now lower than what they used to be, which will be very helpful."

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