Thursday, March 28

Tag: goods and services tax

India sees growth rebound as businesses adjust to GST
INDIA

India sees growth rebound as businesses adjust to GST

India’s economic growth rebounded in the three months ending in September, halting a five-quarter slide as businesses started to overcome teething troubles after the bumpy launch of a national sales tax. Data released on Thursday showing faster growth could help Prime Minister Narendra Modi, who has been facing criticism over the hasty July launch of a goods and services tax (GST). The tax was aimed at transforming India’s 29 states into a single customs union but it has hit millions of small businesses due to complex rules and technical glitches.  Gross domestic product grew 6.3 percent in July-September, its fastest pace in three quarters, compared with 7.5 percent a year earlier, the data showed. Analysts polled by Reuters had forecast annual growth of 6.4 percent in the q...