India GST hits 50% state approval

Over 50% of the Indian states have now approved the implementation of the new Goods & Services Tax Bill. This means the legislation can now been approved by the President of the country. The final obstacle, setting a nation-wide GST rate, remains to be overcome.  The should be resolved in November

Odisha was the 16^th of the 31 Indian states to approve the Constitutional Amendment Bill.  It took 23 days to reach this majority milestone, ahead of the scheduled 30 days.

Indian GST will replace a swath of indirect tax, including: VAT; CENVAT; Service Tax; excise duties; and Professional Tax. As well as simplifying bureaucracy, it will reduce the overlapping taxes which result in compounding taxes.

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