Dear MEL
Topic Readers,
Indian
parliament backs key tax bill
In fact, it
seems that India has more states than the EU.
While EU
member states have no economical border to move goods from one to another,
India has 29 states that levy tax individually when goods are brought in. Truck
drivers have to submit document to pay taxes when they drive across a border to
another state. This sounds like the middle-age tax systems that were practiced
centuries ago. In one sense, India is not one country when it comes to taxes.
Now, a new law
has just been passed the parliament to have one Goods and Service Tax for the
all 29 states. It is the first break-through tax reform since its independence
nearly seven decades ago.
No wonder why India
is still stuck with its world-largest democracy while its rival one-party-ruling
country, China, has already become number two in many areas just in the last
decade.
Enjoy reading
and learning what could make economy boost more than the other, process or
action.
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