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The evolving role of the financial function in India

Jaclyn Jaeger | February 21, 2018

Sweeping economic, social, and political changes underway in India have created new opportunities and compliance challenges for corporate financial executives in the country.

One of those drastic changes occurred in July 2017, when Prime Minister Narendra Modi launched the most sweeping tax reform in the country’s 70-year history. The new “Goods and Services Tax” (GST) created a single tax rate across the country, replacing each of India’s 29 state tax regimes and their varying tariffs, duties, and fees.

Prior to roll-out of the GST, it was not unusual, when shipping goods from one side of India to the other, for truck drivers to have to pay taxes and have goods inspected at each state’s jurisdictional boundary. “It was a hodge-podge of a taxation regime that prevented the flow of commerce,” says Raef Lawson, vice president of research and policy at the Institute of Management Accountants (IMA), a global association of accountants and financial professionals.

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