News Summary

• India’s goods and services tax (GST) replaced a fragmented tax system with a unified national indirect tax framework.
• The reforms approved in the 56th GST Council meeting reflect a pro-growth and pro-business approach that sets the stage for greater economic expansion, tax compliance and investor confidence.
• A simplified GST framework reduces transactional friction, speeds up working-capital cycles and fosters faster decision-making.
• The long-term vision should be a simplified, dispute-free and fully-integrated GST regime that reduces compliance costs and enhances the ease of doing business.