One nation, one tax now a reality

India Investment Journal July Edition, The Big Story
The introduction of GST has passed of smoothly and the economy looks set to enter a higher growth trajectory once the initial teething troubles are sorted out.

At the stroke of the midnight hour on the intervening night of June 30 and July 1, while the world slept, much of India was wide awake, watching President Pranab Mukherjee and Prime Minister Narendra Modi formally launch the much awaited Goods and Services Tax (GST).

At the stroke of the midnight hour, India was transformed – from 29 discrete markets each with its own labyrinthine tax laws to one common market.