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India’s growth to accelerate further due to GST: Jaitley

Washington : India continues to be the fastest growing major economy in the world and its growth will accelerate further due to factors like implementation of GST, Finance Minister Arun Jaitley said.  The minister also said the scrapping of old Rs 500 and Rs 1,000 notes will increase tax compliance and reduce threat of counterfeit currency. “India continues to be the fastest growing major economy in the world…The currency reform initiative will move the Indian economy to a less cash trajectory, increase tax compliance and reduce the threats from counterfeit currency which acts as a source of terror funding,” he said. He was speaking at the International Monetary and Financial Committee (IMFC) meeting here on Saturday. The minister said growth is expected to gain strength in the coming years due to externalities derived from deep structural reforms implemented by the government and robust aggregate demand. Talking about the new indirect tax regime, Jaitley said the government is “fully on course to implement the Goods and Services Tax (GST)” by July 1. “The GST will deliver significant externalities by way of improved taxation efficiency and ease of doing business and will convert India into one common market,” he added. As per provisional estimates, real GDP grew by 7.9 per cent in 2015-16 compared with 7.2 per cent in 2014-15. The second advance estimate for GDP growth for 2016-17 is placed at 7.1 per cent. Delay in quota reforms to erode IMF’s credibility: Jaitley  Washington: Finance Minister Arun Jaitley has expressed disappointment over the slow pace of IMF quota reforms and said any further delay would erode the legitimacy and credibility of the multi-lateral organisation.

This post was syndicated from Free Press Journal. Click here to read the full text on the original website.

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