Rajya Sabha passes Goods and Services Tax bill | Reuters

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)

This story has not been edited by Firstpost staff and is generated by auto-feed.


Updated Date: Aug 03, 2016 22:15 PM

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