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The finance minister said that demonetisation along with GST will boost the economy and make it cleaner. “I have least doubt in my mind that (one year from now) you will have a bigger economy, higher GDP, cleaner GDP. You will have a higher tax base and more money in banks, and probably interest rates will be more reasonable. Therefore, all these collectively could contribute a lot as far as GDP is concerned,” the FM said.
He said both GST and demonetisation will usher in immense benefits for the economy. “I personally believe that once the remonetisation process is complete and the GST is implemented, it’s going to hugely impact India’s businesses and also the Indian way of life,” he said.
“You will have more of digitised expenditures, you will have a taxation system far more efficient, which is extremely difficult to evade, where each limb of the transaction is being captured,” Jaitley said. The FM said he did not see the disruption due to demonetisation lasting long and hoped that interest rates will ease in the months ahead.
(Sourced from agencies, feature image courtesy:oneindia.com)
