Niti Ayog’s Amitabh Kant confident GST will help India achieve 9% growth rate

Niti Ayog CEO Amitabh Kant said the Goods and Services Tax (GST) will help India achieve 9 per cent growth rate.

GST, which is India’s biggest tax reform since Independence, is scheduled to be rolled out from July 1.

"GST is India's biggest tax reform since 1947...GST will help India in achieving 9 per cent growth rate," said Kant.

He said Prime Minister Narendra Modi’s vision of GST will bring a huge revolution in India's taxation structure.

Several experts have also said that GST is estimated to boost GDP by 1-2 per cent and bring down inflation by 2 per cent over the long term.

Modi reviewed the preparedness for the new indirect tax regime and the meeting was attended by Finance Minister Arun Jaitley, Revenue Secretary Hasmukh Adhia and senior officers from the Central Board of Excise and Customs (CBEC).

All goods and services have been put in slabs of 5, 12, 18 and 28 per cent, with the exception of gold and precious metals, which will attract 3 per cent GST, and rough diamond at 0.25 per cent GST.