Ripples Advisory, "Party's over" for millions, as India launches biggest-ever tax reform

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Ripples Advisory

the market in central Delhi, just a few miles from Prime Minister Narendra Modi's office. Yet despite having a flourishing business he does not pay any tax. 

Until now, his rundown premises and small-scale operation have kept the business below the radar of India's tax officials. Come July 1, however, "the party will be over", says the 51-year-old, with a resigned shrug. 

A nationwide Goods and Services Tax (GST), set to come into effect on Saturday, has faced criticism for its complex design. But the country's biggest tax reform since independence is promising to bring millions of firms like Sachdeva's into the tax net, boosting government revenues and India's sovereign credit profile.