India poised to become a 5 trillion dollar economy in next 5 years: FM
National

India poised to become a 5 trillion dollar economy in next 5 years: FM

Agency News

New Delhi, Feb 1: India is poised to become a 5 trillion dollar economy in the next five years and aspires to become a 10 trillion dollar economy in the next eight years, said Finance Minister Piyush Goyal on Friday.

'We are poised to become a 5 trillion dollar economy in the next five years, we aspire to become a 10 trillion dollar economy in the next eight years,' Mr Goyal said presenting Interim Budget 2019-20 in the Lok Sabha.

A total 18 per cent increase in direct tax collections in 2017-18 as 1.06 crore new people included in tax base after demonetisation, he said.

GST collections in January 2019 has crossed Rs 1 lakh crore, he said.

Mr Goyal said the government was committed to eliminating the ills of black money.

'Black money measures taken have brought undisclosed income of about Rs 1.30 lakh crore to the surface and 3.38 lakh shell companies deregistered,' he said.

Businesses with less than Rs 5 crore annual turnover, comprising over 90 per cent of GST payers, will be allowed to return quarterly returns, he said.

A total 14 per cent growth in state tax collections was guaranteed and underwritten by Government of India, the Minister said.

Businesses with less than Rs 5 crore annual turnover, comprising over 90 per cent of GST payers, will be allowed to return quarterly returns, Mr Goyal said amid frequent thumping of desks by members. (UNI)

pennews
www.pennews.net