"Goods and Services Tax is a key 'brahmastra' for our GDP. Lawmakers across parties should pass the Constitutional Amendment Bill on GST without further delay," the new Assocham President Sunil Kanoria said.

"This would send a strong signal to investors that India's economy can overcome serious global challenges with political will," he told reporters here. Kanoria cited the economy was affected by demand slowdown, uncertain geopolitical situation after the Paris terror attacks, and an unprecedented crash in vital commodities.

"GST will harmonise indirect taxes by doing away with multiplicity of taxes. It will also reduce cost of production, which will be then passed on consumers, thus lowering inflation. More striking would be the display of a political unity and the will to rise up to national cause," he said.

Timely implementation of GST would raise the GDP by 1.5 to 2 percent, Kanoria cited adding the Opposition should not change their earlier stance. Talking about the country's economic growth forecast, he said this fiscal, Indian economy is expected to register a growth of 7.2 percent to 7.3 percent.

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