New Delhi, Nov 13 (KNN) Industry body ASSOCHAM in a report said that the economic slowdown due to GST is short- term and the country is poised on the threshold of sustainable growth in the future.

There had been a temporary slowdown even though government has ideated and implemented a number of initiatives to improve business conduciveness.

In the joint report of Assocham (The Associated Chambers of Commerce and Industry of India) & EY (Earnest &Young) titled 'Ideate, Innovate, Implement: Invest in India on GST with EY, it is stated that the GST would have a significant impact on all aspects of business operating in the country, including supply chain, sourcing and distribution decisions, inventory costs and cash flows, pricing policy, accounting and transactions management.

The report also says that the GST would have an impact on prices agreed for contracts entered under the pre-GST regime and proposed to be executed either partly or completely under the GST regime.

On Friday , after the GST council meeting the finance minister informed that 80 per cent of items in the top 28 per cent tax bracket have been shifted to  lower rates and only 50 items, including sin and luxury goods, in the highest bracket.

The minister also noted that the GST collections in the first three months had been in the range of Rs. 93,000-Rs 95,000 crore per month. (KNN/AG)