India eventually gets its ‘big bang’ tax reform

Prime Minister Narendra Modi launched a fresh system of taxes Saturday, an overhaul ten years in the making that will turn the country of 1.Trio billion people into one market for goods and services for the very first time.

The fresh Goods and Services Tax substitutes more than a dozen central and state tariffs, duties and fees levied — often at different rates across India’s twenty nine states — on almost everything sold in the country. Read more