Indian business leaders hail landmark tax reform

An Indian shopkeeper prepares a bill for a customer at his shop in New Delhi on August 3, 2016Indian business leaders on Thursday hailed the passage of a landmark tax reform bill that paves the way for a new national sales tax and the creation of a common market across the country for the first time. Lawmakers voted late Wednesday in favour of introducing the long-awaited Goods and Services Tax (GST), which will replace a patchwork of central and state levies on goods and services and marks India’s most significant economic reform in decades. The chairman of Bharti Enterprises, one of India’s biggest conglomerates, said it would help boost the country’s economic growth by up to two percentage points.

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