Smallbusiness
President of the Associated Chambers of Commerce of India (ASSOCHAM), Sunil Kanoria, said the Indian economy will move towards 8% trajectory once the GST Bill turns into a law.The Rajya Sabha passed the Constitutional Amendments for GST Bill, which will now go to a GST Council for writing down the recommendations.
Kanoria said the Goods and Services Tax (GST) will boost growth in India, especially in the sectors like roads, mining and railways.
"The green shoots of economic recovery have started to appear. India is among the fastest growing economies in the world at present. Government's increased budgetary allocation for infrastructure sector is fuelling this growth," Kanoria told ET. "
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However, Kanoria said India may miss the April 2017 target. “I'm not sure whether the government would be able to roll out GST by April, 2017," Kanoria said.
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"There are a lot of inefficiencies in the system today. With GST, the inefficiencies would be ironed out and the volume of transactions coming to the mainstream will increase much more," he told ET.