Goods and Services Tax
A Comprehensive analysis of GST: india’s biggest tax reform The moment, which India had waited for more than a decade, is finally beckoning. Since 1 July, a single indirect tax regime kicked into force in Asia’s third largest economy, dismantling inter-state barriers to trade in goods and services. “The rollout of the goods and services tax on 1 July will, in a single stroke, will convert India into a unified, continent-sized market of 1.3 billion people,” said Prime Minister Narendra Modi. Essentially, our $2.3-trillion economy is making a bold attempt to transform itself by removing internal tariff barriers and collapsing 17 central, state and local body taxes into a single GST . GST is intended to help achieve various economic goals in one stroke—promoting the manufacturing sector, bo...