The goods and services tax (GST) can boost India's GDP growth by up to 4.2 percent — double the previous estimate -- as lower taxes on manufactured goods will bump up output and make products cheaper, a US Federal Reserve paper said. GST, it said, could reduce inefficiencies in the production process while eliminating the current compounding effect of different central and state levies. Dubbed as the biggest tax reform since Independence, GST will unify at least 10 indirect taxes into one to be collected at the state and central levels.
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The goods and services tax (GST) can boost India's GDP growth by up to 4.2 percent — double the previous estimate -- as lower taxes on manufactured goods will bump up output and make products cheaper, a US Federal Reserve paper said. GST, it said, could reduce inefficiencies in the production process while eliminating the current compounding effect of different central and state levies. Dubbed as the biggest tax reform since Independence, GST will unify at least 10 indirect taxes into one to be collected at the state and central levels.
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