GST reform an act of courage, says IMF chief Christine Lagarde

Washington: The introduction of the Goods and Services Tax (GST) reform is an act of courage by the Government of India, said Ms Christine Lagarde, International Monetary Fund Chief. The decision is expected to yield positive outcomes for the country in the future. The Indian economy has shown significant development and has a clear determination to continue and sustain growth going forward. The IMF has forecasted a 7.2 per cent growth for the country in 2017. GST will replace central excise, service tax, Value Added Tax (VAT) and other local levies to create an uniform market. It will boost India’s GDP growth by approximately 2 per cent, and will help in reducing tax evasion.