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India's Jaitley expects nationwide sales tax to take effect next year

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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.

[GANDHINAGAR] 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.

Mr 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.

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.

REUTERS