India’s parliament has approved a long-awaited overhaul of the country’s fragmented tax system to create a genuine single market in one of the most significant reforms to the Indian economy since liberalisation began 25 years ago.
The bill, debated in New Delhi for almost a decade, will amend the constitution to permit replacing the current patchwork of national, state and local levies with a single, unified value added tax system.
Economists believe modernising India’s existing antiquated, inefficient tax system will significantly stimulate the economy, potentially adding 1.5 to 2 percentage points to GDP growth a year.
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