Describing the Goods and Services Tax (GST) as an ‘important step’, International Monetary Fund (IMF) on Thursday said it would boost India’s tax buoyancy and growth.
“India has recently taken important steps towards a national goods and services tax which, when fully implemented, promises to boost tax buoyancy and growth, including by enhancing the efficiency of the internal goods and services market,” IMF said in a note on ‘Global Prospects and Policy Challenges’ released ahead of the G20 Summit in China.
India is preparing to roll out the GST from April 1, 2017. The IMF note further said India's high-frequency data suggest continuing strong growth, underpinned by private consumption.