New Delhi -India’s cabinet approved the creation of a panel to determine details of a new national sales tax, including the rate, a government official said on Monday.
The so-called GST Council will be headed by the federal finance minister and will also include a nominee from each of India’s 29 states. They would need to agree on issues such as the rate of the goods-and-services tax as well as any exemptions, to help Prime Minister Narendra Modi clear at least one more related bill through parliament and meet his goal of implementing the levy in the year starting April 1.
The target is a stiff one, Finance Minister Arun Jaitley said last week. The reform is one of the biggest since India opened up to foreign investment in 1991 and stands to boost the $2 trillion economy by as much as 2 percentage points.
South Africa is a member of Brics, which comprises Brazil, Russia, India and China.