India to introduce Goods and Services tax

31 August 2016

This month the Indian government approved a bill to implement a new Goods and Services Tax (GST).  GST is a broad-based tax that is applied on most goods or services consumed in a country and India will use this to replace a number of indirect taxes already in place including VAT and Service Tax.

It is hoped that by introducing this new tax it will boost the Indian economy and significantly reduce the administrative burden that the current vast range of taxes puts upon Indian businesses.  This change will likely be implemented in either 2017 or 2018.