Economic growth is picking up with the impact of GST rollout and notes ban dissipating, Arvind Subramanian, chief economic advisor at finance ministry, said today. Finance Minister Arun Jaitley earlier in the day tabled the Economic Survey, which forecasts growth to accelerate to between 7 per cent and 7.5 per cent in the next fiscal year, starting April 1, 2018. "The temporary impact of GST and demonetisation has dissipated. Directionally, economy is picking up nicely and exports have picked up quite briskly in last three quarters," Dr Subramanian said at a media briefing.
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The high-powered GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet on September 3-4 to discuss moving to a two-slab taxation.
The Centre's proposed reduction in GST is also expected to lead to a drop in costs for car buyers, reducing on-road prices as well as EMIs.
Proposed GST cuts on petrol and diesel vehicles could reduce EVs price advantage, slowing adoption while causing major revenue losses for the government - HSBC.
A key meeting of the Group of Ministers (GoM) on GST rate rationalisation on Thursday ended with state finance minister accepting the Centre's plan to reduce the number of tax slabs.
Over 50 million Micro, Small and Medium Enterprises in India, who have GST and Business PAN (B-PAN), can have digital procurement access through Amazon Business ahead of the upcoming festive season, the global e-commerce giant said on Thursday
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