Implementation of the goods and services tax (GST) will double the gross domestic product (GDP) in the next 8-9 years, Union minister for railways Suresh Prabhu said here on Monday.
He said, “The GST aims at increasing the number of taxpayers. And, as the tax revenue rises, the GDP will also increase. Our GDP is $2.5trillion today and in the next 8-9 years, it will grow to $5 trillion if our tax revenues increase. In 15years, our GDP will become $15trillion.”
The railways minister took part in an interaction with the members of the industry, trade and commerce at the Chamber Towers. The interaction was organised by the Indian Chamber of Commerce and Industry, the Confederation of Indian Industries, the Southern India Engineering Manufacturers’ Association, the Coimbatore District Small Scale Industries Association and the Indian Institute of Foundry men.
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