 "goods and services tax, GST")
Prime Minister Narendra Modi used his Independence Day address to announce a sweeping simplification of India’s goods and services tax (GST) regime. The patchwork of the four main rates (5 per cent, 12 per cent, 18 per cent, and 28 per cent) will now be collapsed into two — 5 per cent and 18 per cent. A punitive 40 per cent levy will remain for “sin” goods such as tobacco.
The aim, the government said, is to ease compliance, reduce distortions, and put more money in consumers’ hands. To investors and economists, the announcement sounded eerily familiar. Six years ago,
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