NEW DELHI The Rajya Sabha passed a key constitutional enabling amendment on Wednesday, paving the way for a nationwide Goods and Services Tax (GST) that seeks to transform the country into a common market.
The passage of the bill was held up for years by political infighting, and its advancement marks a victory for Prime Minister Narendra Modi as he eyes an economic boost for Asia's third-largest economy.
Investors have billed the GST as a "silver bullet" for India's economy that would supplant multiple federal and state levies - a chaotic structure that inflates costs for businesses.
(Reporting by Rajesh Kumar Singh; Editing by Tommy Wilkes)
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Published Date: Aug 03, 2016 10:15 pm | Updated Date: Aug 03, 2016 10:15 pm