India slashes GST rates as growth hits new low


INDIA last Friday (10) announced a slew of changes to its new national goods and servic­es tax (GST) as pressure mounted on New Delhi to ease the burden on businesses in the middle of an economic slowdown. Prime minister Narendra Modi’s government launched a new national GST rate on July 1, its biggest tax overhaul in a generation that was meant to unify the $2 trillion (£1.5tr) economy into a single market, with four tax rates of 5, 12, 18 and 28 per cent. But traders and businesses complained the new process was too complex and increased the cost of…

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