GST implementation could be studied in US business schools: Modi

The landmark Goods and Services Tax (GST) that will come into effect in India from July 1 could be a subject of study in US business schools, Prime Minister Narendra Modi said on Sunday.

"The implementation of the landmark initiative of GST could be a subject of studies in US business schools," Modi said while addressing American CEOs at a meeting here, according to a tweet by Indian External Affairs Ministry spokesman Gopal Baglay.

"The whole world is looking at India. Seven thousand reforms alone have been done by the government for ease of business," Modi said, as per another tweet by Baglay.

Foreign investors too have been eagerly looking forward to the rollout of the single pan-India GST, which will replace the existing myriad central and state levies on both goods and services.

"Growth of India presents win-win partnership for India and US both. American companies have a great opportunity to contribute," a separate tweet quoted Modi as telling the CEOs.

The Indian Prime Minister, who is on a two-day visit to the US capital, held a roundtable here with 21 top executives of American companies. Among those who attended were Google CEO Sundar Pichai, Amazon founder Jeff Bezos, Apple CEO Tim Cook and Mastercard President Ajay Banga.

All goods and services under the pan-India One Nation, One Tax GST regime will subsume the existing multiple Central and State levies and have been categorised in four tax slabs of five, 12, 18, and 28 percent, besides those items that attract zero tax. Only taxes on petrol, high-speed diesel, aviation turbine fuel, crude oil, and natural gas will be levied by states.

The government plans to roll out GST from July 1. The new indirect tax regime will be launched at the midnight of June 30 in the Central Hall of Parliament in an hour-long event that will evoke memories of the ‘Tryst with Destiny’ moment of 1947.