One of India’s most ambitious economic reform plans in 70 years will ultimately boost tax receipts and provide simplicity for businesses, but the true impact may not be felt for at least a decade due to implementation challenges, experts said.
After several rounds of deadlock in the parliament, India is set to roll out the Goods and Services Tax (GST) on July 1, replacing a thicket of indirect central and state levies that critics argue have blunted economic competitiveness and hobbled efforts to lift more out of poverty.
Observers have described the reform as the most meaningful change to India’s tax regime since the country became independent in 1947.
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