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In a Victory for Modi, India Overhauls Its Tangled Tax System
India replaced a patchwork of 15 state and federal taxes with a unified single Goods and Services Tax to ease the hurdles for businesses to operate nationwide across state boundaries. This is a major a accomplishment for the Modi government as it is expected to increase economic growth by between 0.5% to 2%, according to experts. This removes the obstacles to growth and doing business when companies had to comply with a maze of different tax policies by individual states. Ironically the GST was introduced by the Congress party government in 2011, but opposed by opposition parties then and the Congress party in opposition now in the upper house, Rajya Sabha. By winning the support of smaller parties the Modi government was able to reduce the influence of the Congress party and get the constitutional amendment passed for the single GST tax system replacing the old patchwork taxes. The amendment has to be approved by the majority of state legislatures in India and by the president. Parliament must pass legislation to setup the new tax system, and state legislature pass their legislation. Issues at what rate to set up the GST remain to be solved, with the need to avoid sparking inflation and thereby hurting slow job growth with millions of young people entering the job market each year.
Indian prime minister Modi and the opposition parties campaign in 2015 to prevent the passing of legislation on land acquistion for industry and infrastructure building
08/14/2015
The Congress party and other opposition parties have stalled the effort to pass legislation in the current session of the Indian parliament to make it easier to acquire land for industry and infrastructure building. With upcoming state elections in Bihar, and other regions heavily dependent on agriculture and the farmers sector, the ruling BJP party decided it would be best to wait till 2016 for making the changes.
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In a Victory for Modi, India Overhauls Its Tangled Tax System
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The $288 billion budget aims to increase infrastructure spending to achieve a growth rate of 7.4%. A 2% tax on the superrich and rigorous penalties of 10 years imprisonment for tax evasion by sending money overseas are efforts to improve tax revenues in a country where it is estimated only 35 million Indians pay taxes. The lower oil prices help reduce pressures from fiscal deficits, and the decision was taken to let the fiscal deficit increase to 3.9% in the interests of growth.
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In a Victory for Modi, India Overhauls Its Tangled Tax System
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In a Victory for Modi, India Overhauls Its Tangled Tax System
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India's new GST, Goods and Services Tax, replacing a patchwork of 15 state based taxes- expected to increase economic growth by 0.5%-2% a year
08/04/2016
The new GST tax is on the agenda since 2011, as it is a major hindrance for moving goods across India's state boundaries. Each state has its own tax policy and regulations- a big headache for businesses. The Modi government faces a challenge in setting the rate for GST at a level that does not spark inflation, helps job growth and manufacturing. It is a big win not just for the Modi government but for India, even though it took so long to pass the legislation.
Grouped Articles
In a Victory for Modi, India Overhauls Its Tangled Tax System
The New York Times 08/03/2016
The Economist 08/06/2016
The Economist 03/07/2017
Study India’s GST implementation, Modi tells US business schools
http://www.hindustantimes.com/ 06/26/2017
India GST: Sweeping tax reform introduced - BBC News
BBC News 06/30/2017
Big firms in India face new competition
The Economist 08/26/2017
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