GDP disappointed, will GST be a surprise for Indian economy?

Ministry of Statistics & Programme Implementation on Wednesday released India’s Gross Domestic Product (GDP) numbers for the quarter January-March 12017. It said that India’s GDP for the fourth quarter stood at 6.1%. And, for the full financial year, GDP stood at 7.1%.

The numbers came as a surprise simply because in the previous quarter despite the announcement of demonetisation, GDP rose to 7.1%.

However, with economists and analysts blaming demonetisation move for nearly 1% drop in India’s growth, there is still hope.

That hope is Goods and Service Tax (GST). But, will it help in reviving the country’s growth?

GST is set to be rolled out from July 1, 2017 and the GST Council, in its meet in Srinagar on May 18, 2017, decided on tax rates for 1,211 items.

14% of the items have been brought under the 5% GST slab, 17% items in 12% tax slab, 43% items in 18% tax slabs and only 7% have been exempted from GST ambit.

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