The adoption of the GST could help raise India's medium-term GDP growth to over 8% and create a single national market for enhancing the efficiency of goods and services, the IMF said on Wednesday. At the same time, the International Monetary Fund (IMF) also expressed concerns over the implementation of the Goods and Service Tax (GST). According to the IMF report, Indian authorities were confident that the outstanding issues related to GST implementation could be settled promptly. The GST replaces a plethora of cascading center, state, interstate and local taxes with a single, nationwide, value-added tax on goods and services. IMF said the destination-based GST will create, for the first time, a single Indian market, and will greatly enhance India as an investment destination.

Source: dna February 22, 2017 15:22 UTC