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  3. Industry to add $280 billion to GDP in 8-9 years with GST rollout: ASSOCHAM-APAS study

Industry to add $280 billion to GDP in 8-9 years with GST rollout: ASSOCHAM-APAS study

06 Jul 2017 Evaluate

A joint study carried out by the industry body Associated Chambers of Commerce & Industry of India (ASSOCHAM) and Ashvin Parekh Advisory Services (APAS), a global management consulting firm has stated that with the implementation of new indirect tax regime, the industry alone is expected to contribute $280 billion to India's Gross Domestic Product (GDP) in the next 8-9 years. As per the industry body, the Goods and Services Tax (GST) will enable positive structural changes in the ease of doing business, which in turn would propel the growth.

The study described GST, in the short-term, as a mini budget short of projection of estimated revenue and noted that most businesses would be able to get significantly more credits under the GST, thus proving to be beneficial for most of them. As per the study paper, GST will bring a systematic approach and enhance transparency, which will aid growth of business and would help the industry to concentrate on its core business. Industry body believes that the GST is a structural reform and is expected to accelerate the pace of GDP growth in India, despite implementation challenges in the near term. It would usher in lower taxes, seamless input tax credit, logistics savings and market share swings from unorganised to organised players.

ASSOCHAM highlighted that one of the most visible benefits accruing immediately from the GST is the removal of the octroi check posts at the inter-state borders. It added that notwithstanding the teething troubles, the GST would make even the micro, small and medium enterprises (MSMEs) more efficient and confident, integrating them well into the mainstream of the economy. Eventually, the GST will make these MSMEs more competitive with a level playing field between large enterprises and them.  Among the other benefits to the industry and particularly the SMEs, they would find it easier to start the business and improvement in the market for the MSMEs.

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