Uncertainty as India's Landmark New Sales Tax Rolled Out
- Retailers report quiet first day of trade under new system
- GST expected to boost economy, broaden tax base: government
Pedestrians pass by stores in an electronics market at the Delhi-Haryana border in New Delhi, India, on July 1.
Photographer: Anindito Mukherjee/BloombergThis article is for subscribers only.
Confusion and uncertainty swept through India’s $2 trillion economy as businesses and consumers alike attempted to navigate a new nationwide sales tax that replaced a spiderweb of more than a dozen state and territory taxes and levies.
The new goods and services tax, formally ushered in at a late-night session of parliament overnight Friday, unifies 29 states and 1.28 billion people into a single market for the first time.