India records impressive growth in recent years, GST a major step: IMF
By Team Legistify / 2017-04-21

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India's growth has been "impressive" in the recent years which makes room for tax broadening efforts by the government, according to a top IMF official.

"India has recorded quite an impressive growth performance in recent years. Our view is that the elimination of fuel subsidies and the targeting of social benefits has delivered in terms of allowing the union budget target to be achieved at 3.5 per cent of GDP," Vitor Gasper, Director of the IMF Fiscal Affairs Department told reporters at a news conference here yesterday.

"We have been collaborating with the Indian authorities in terms of looking at fiscal structural measures, including expenditure rationalisation while protecting infrastructure investment, tax broadening efforts," he said.

In this context, the rollout of Goods and Services tax (GST) is an extremely important step that will create a true unified national market in India, he said.

"We see room for tax broadening efforts. We see room for more progressive income taxes in line with trends in income inequality. Perhaps more generally, we do see a case for a medium-term framework and we know that the authorities are actively working on that," Gasper said.

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