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India GST: Sweeping tax reform introduced - BBC News
Keywords: India Gst Tax, India Goods And Services Tax, Modi,
In an effort to create a single market India's Modi administration is replacing the multiple federal and state taxes with a single Goods and Service Tax. The bill passed India's parliament on June 30, 2017. It should increase GDP growth by 2%. The taxes are in 4 categories 5%, 12%,18% and 28% depending on the goods and services. Vegetables, some food items and milk are exempted.
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.
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http://www.hindustantimes.com/ 06/26/2017
India GST: Sweeping tax reform introduced - BBC News
BBC News 06/30/2017
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The Economist 08/26/2017
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