Union Finance Minister Pranab Mukherjee on Saturday said Indian economy can bounce back to 9 per cent GDP and appealed to the tax payers to cooperate with the government in achieving the target. Mukherjee, who is presently in Goa on an official trip, said tax collection has come down due to the global financial crunch.

"It will be possible for us to bounce back to the glorious recent past when our GDP ratio was 9 per cent," the Finance Minister said.

Mukherjee appealed to the tax payers to cooperate with the government in achieving the target, saying "tax compliance is an important duty of the society".

The Union Minister said the government is working on a tax code to simplify the tax collection system.