Last year, India's Prime Minister Narendra Modi was voted
into office with a clear reformation agenda. Our local Managing
Director, and President of the Bombay Chartered Accountants'
Society, gives an update on what has changed in the past 12
months.
The world's largest democracy welcomed its 15th Prime
Minister, Narendra Modi, with a strong historical mandate one year
ago. Overnight, India was filled with renewed optimism about its
future, much of which a result of Modi's pledge to bring
long-overdue transformation to the country.
Streamlined taxation
Since then, various liberalisation measures and economic reforms
have been implemented by Mr Modi to create an environment conducive
for businesses and investments. One of them is the nationwide Goods
and Service Tax (GST), just passed in parliament and due to roll
out in April 2016. The implementation of this long-awaited measure
will integrate the fragmented state and federal taxes in India into
a simplified
