India Enacts Major Tax Reform

[Frodo]

It isn't perfect, but compared with what was there before, this has the potential to transform India's economy, and make that day when India finally becomes a developed country a giant step closer:

A 'Tax Revolution' Set to Sweep India's $2 Trillion Economy

by Iain Marlow
‎May‎ ‎21‎, ‎2017‎ ‎5‎:‎00‎ ‎PM‎ ‎EDT

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New Tax Reform to Draw Indian Businesses Into Digital Economy

by Shruti Srivastava and Archana Chaudhary
‎May‎ ‎22‎, ‎2017‎ ‎5‎:‎00‎ ‎PM‎ ‎EDT

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[OSR stands with Israel]

Not Happy with the Sales tax but other then that this proves Modi is India's Reagan.

[mvd10]

I'm not sure how to feel about Modi. His Hindu nationalism is really scary, but other than that he seems like a good PM.

[World politics is up Schmitt creek]

Not Happy with the Sales tax but other then that this proves Modi is India's Reagan.

Boy have I got news for you about Reagan's first Secretary of the Interior.

[OSR stands with Israel]

I'm not sure how to feel about Modi. His Hindu nationalism is really scary, but other than that he seems like a good PM.

Thats been way too over-exaggerated by the media, on religious issues he's just as right wing as George W Bush was. 

Anyway I feel this will be very helpful to India because it will make the tax code much simpler, and reduce corruption , as people wont have to resort to corruption to pay less in taxes and many loopholes it seems like is getting eliminated . Also when you reduce taxes and make the code easier, small businesses can hire more people thus stimulating the economy.

[FEMA Camp Administrator]

Not Happy with the Sales tax but other then that this proves Modi is India's Reagan.

Boy have I got news for you about Reagan's first Secretary of the Interior.

I just looked him up and I can't seem to find the joke...

[Intell]

This is for the best, but the taxation should be increased for the richest in society.

[vanguard96]

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The state-to-state regulations and red tape are the biggest barrier in my personal experience.

Indians have been the driver of enormous gains in society all around the world except for India.

From a free market perspective India has typically been the example of what not to do to help prosperity - example the recent demonetization that crippled many of the least well off. He was doing it the same time as Maduro.

Yet he saw a spike in popularity.

This news may help in some regards however the goals are to increase state revenue not to necessarily help the poor. It smacks of paternalistic statism / altruism in the worst sense.

#statists_gonna_state

[Frodo]

It looks as if this is it for now with regard to big, transformative structural economic reforms until 2019 when Modi seeks a second term (and a renewed mandate):

Modi’s reform agenda not finished after India’s new tax:
Analysts suggest the BJP is likely to focus on creating jobs while it pursues smaller reforms

NEW DELHI:

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[Shadows]

This is Indirect Tax reform though, has nothing to do with direct taxes (Income & Corporate taxes). It is just substituting 1 tax for another - The Sales Tax/VAT was already there & now there is a Goods & Service Tax (GST - Which subsumes multiple indirect taxes into 1 GST).

This is not the creation of a new tax system & has nothing to do with rich people. You just put multiple taxes into 1 simple one & try & reform the system to make it work better. BTW Modi & his right wing party blocked this reform for years (This was originally a left wing idea).

[🦀🎂🦀🎂]

This seems to be a bit of a shambles all around to be honest.

[Frodo]

India’s economy rebounds after five quarters of declining growth:
Strong performance by manufacturing sector drives 6.3% growth, easing pressure on Modi


November 30, 2017
Kiran Stacey in New Delhi

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[Frodo]

Looks like Modi has his agenda set for his next term, should he win it:

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Reuters

[Frodo]

Indian economy projected to grow 7.6% in 2018-19: UN

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