Hopefully, this will stimulate economy.
---
...
Why is this move so important?
The goal is to create one single market. Currently, everything sold in India is subject to a multitude of taxes varying from state to state.
This is a bureaucratic burden, with a lot of money lost in a fragmented market. With every state deciding its own taxes it also encourages local protectionism.
The new efficiency aims to boost growth, with optimistic estimates suggesting more than 2% of added economic growth. India already has overtaken China as the world's fastest growing economy.
...
Indian parliament backs key tax bill - BBC News
---
...
Why is this move so important?
The goal is to create one single market. Currently, everything sold in India is subject to a multitude of taxes varying from state to state.
This is a bureaucratic burden, with a lot of money lost in a fragmented market. With every state deciding its own taxes it also encourages local protectionism.
The new efficiency aims to boost growth, with optimistic estimates suggesting more than 2% of added economic growth. India already has overtaken China as the world's fastest growing economy.
...
Indian parliament backs key tax bill - BBC News
