At midnight on 1 July, Prime Minister Narendra Modi will formally usher in the country’s new goods and services tax. Also Read: GST: A game changer for the Indian EconomyThe move should eventually expand India’s narrow tax base and increase government revenues. For many small businesses, it’s not just that they—and their suppliers—will be paying tax for the first time. He said chartered accountants across the country are charging as much as Rs15,000 to help register small businesses with the GST’s free online portal. Digitization revolutionThe Reserve Bank of India has said the impact from GST is likely to be minimal.

Source: Mint June 30, 2017 03:11 UTC