Arun Jaitley expects nationwide sales tax to take effect next year

Investors and manufacturers hail GST as it will broaden tax base and add 2% points to the size of Asia's third-largest economy.

By: Reuters | Gandhinagar | Published: January 12, 2015 12:49:41 pm

India is expected to implement a common goods and services tax (GST) across the country in the course of next year, Finance Minister Arun Jaitley said on Monday.

Jaitley presented the GST bill to parliament in December, which needs the support of two-thirds of its members as well as ratification by state legislatures.

Also read: States on board, elusive GST in sight

Investors and manufacturers have long coveted the GST as a game-changer that would simplify taxes while broadening the tax base, adding as much as 2 percentage points to the size of Asia’s third-largest economy.

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