India’s GDP for the third quarter ended in December 2016 recorded a growth of 7 per cent. The estimate of GDP growth for the full fiscal 2016-17 is 7.1 per cent.
Noted industrialist Adi Godrej said that once GST was in place, it would give a tremendous boost to GDP.
“Once we are in the GST framework, lot of things will change for the better. Evading indirect taxes will become difficult, which will lead to higher revenues and hopefully … to lower taxes,” Godrej said.
“Introduction of the GST will curtail black money. It will be a major step to reduce unaccounted money,” he added.