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India Launches "New Economic Era" With Sales Tax Reform (IF IT CAN KEEP IT!)

It has taken 14 years for the new sales tax to come into being. But horse trading to get recalcitrant Indian states on board has left Asia's third-largest economy with a complex tax structure. In contrast to simpler sales taxes in other countries, India's GST has four rates and numerous exemptions. The official schedule of rates runs to 213 pages and has undergone repeated changes, some taking place as late as on Friday evening.
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