India on Saturday (1) launched its biggest ever fiscal reform with the government promising that a new nationwide tax would make the economy stronger and less corrupt, but businesses are nervous about the revolution. The new goods and services tax (GST) replaces more than a dozen levies imposed nationally and by the 29 states. It aims to transform the nation of 1.3 billion people and its $2 trillion economy into a single market. Prime minister Narendra Modi held a special midnight session of parliament to launch GST which he called “a good and simple tax”. “With GST, the dream of one India, great India, will come true,” the prime…
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