• Tuesday, May 17, 2022

Business

Indian business braces for disruption amid massive reform

GST reform will cause disruption to businesses.

By: Eastern Eye Staff

India is bracing for upheaval as it storms ahead with its most ambitious reform in decades — transforming the world’s fastest growing major economy into a single market for the first time. The long-awaited goods and services tax (GST) rolls out Saturday even as businesses complain they are ill-prepared for the massive changes about to ripple through India’s unwieldy, $2 trillion (£1.5 trillion) economy. The government promises the new regime will not just simplify trade by replacing more than a dozen levies with one tax, but combat corruption and enrich state coffers by bringing the informal economy into the digital era. Most economists agree…

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