GST to hit shadow economy: Shaktikanta Das

He said states may lose revenue in initial years, but not beyond first three years of GST roll-out

Economic affairs secretary Shaktikanta Das on Thursday said after that the goods and services tax (GST) will boost the economy and hit the shadow economy. He said GST will raise gross domestic product (GDP) growth by 1.5-2 percentage points.

The Lok Sabha on Wednesday passed the four GST Bills relating to the Centre, union territories, inter-sale movement and compensation. Being money Bills, these are not required to get approval from the Rajya Sabha.

Now, the GST Council will take up rules on Friday and a committee of officers the specific rates next month. The GST is likely to be rolled out from July