The Spain India Council Foundation and management consulting company Indversis organised a breakfast meeting at the headquarters of the Ministry of Foreign Affairs and Cooperation on India's latest tax reform and its new Goods and Services Tax (GST).
Indversis Management Consulting's Managing Director, Ignacio Soto, and the Trade Advisor of the Embassy of India in Madrid, Saravanan Balasubramanian, attended the event. The organisations taking part included large companies and institutions with economic, political and cultural interests in India, such as SICF's patrons Acciona, Cuatrecasas, Navantia and the Madrid City Council, as well as other relevant guests such as Spanish company Windcom.
During the breakfast meeting, the participants analysed the GST, a new country-wide tax, its operational structure, the collection procedure and the taxes it has replaced.
Passed in July 2017, this is the largest tax reform in the history of India, and will make India a single, unified market. The measure was welcomed by the country's entrepreneurs, and is expected to give rise to an increase of two percentage points in GDP.
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