Finance minister Arun Jaitley asked all opposition parties to be a part of the high-profile July 1 midnight launch of the goods and services tax (GST) as the government geared up on Thursday for one of India’s most ambitious reforms. The GST will replace about 20 central and state taxes such as factory-gate duties, service and local taxes while unifying Asia’s third-largest economy and 1.3 billion people into a single market. The finance minister thanked state governments for the “collaborative effort” to implement the new system. His cabinet colleague Venkaiah Naidu requested parties to rise above politics for the successful rollout of the single-tax regime. For example, the tax on a lock fitted in a door is 18%, but tax on the handle is 28%.

Source: Hindustan Times June 29, 2017 17:03 UTC