- Tuesday, April 23, 2024
By: Eastern Eye Staff
Parliament approved India’s biggest overhaul of indirect taxes on Monday (August 8) after the lower house ratified a constitutional amendment that prime minister Narendra Modi called a major step to make doing business easier. The proposed goods and services tax (GST), one of the most significant reforms in recent times, will harmonise a mosaic of state and central levies into a national sales tax, creating a single customs union. It is widely expected to reduce business transaction costs, with potentially significant long-term growth benefits. Under the new regime, companies will get offsets for taxes paid at different stages of the…
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