A ‘mind-boggling’ reform looms over India’s $2 trillion economy

A ‘mind-boggling’ reform looms over India’s $2 trillion economy

Prime Minister Narendra Modi’s government is set to dramatically reshape Asia’s third-largest economy with the biggest tax reform since independence in 1947.

After finding common ground among India’s 29 states, the finance ministry on Friday released detailed rates for the incoming goods and services tax, slotting more than 1,200 items — from sugar to steel pipes and motorcycles — into five tax brackets between zero and 28 percent. With that done, India is almost ready to implement a tax code that unifies more than a dozen separate levies, effectively creating a single market with a population greater than the US, Europe, Brazil, Mexico and Japan combined. Read More…

 

 

Credit By: ET Energy World

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