The bill aims to streamline India's fragmented tax system with a single levy. Indian businesses have been lobbying for the single tax rate as it would reduce costs, particularly for shipping goods across state borders. Analysts say the move could boost India's economic growth by up to 2 percentage points. The bill was passed by the Lok Sabha, the lower house of the Indian parliament, last year, but it had been stuck in the upper house of parliament, or the Rajya Sabha, where PM Narendra Modi's BJP does not have a majority. The opposition Congress party, which originally proposed the GST while in power, had opposed the bill but backed it after managing to secure some concessions from the ruling government. The tax reform, the biggest since India's independence from Britain in 1947, seeks to replace a slew of federal taxes and levies in 29 states. Indian states will have to pass further laws to determine the rate and scope of the tax.
What is India's GST Bill and why does it matter? - YouTube |
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