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India's Upper House of Parliament known as Rajya Sabha has passed a major tax reform legislation titled the Goods and Services Tax (GST) Constitutional Amendment Bill. The Lok Sabha, the Lower House, had already approved the bill last year.
The new legislation aims to create a uniform tax structure in the entire nation as against the current multi-layered indirect tax regime bringing in the one common market in terms of taxes. It is expected that all industries including transportation and logistics sectors would benefit through easier transactions and huge savings in costs once GST is implemented in April 2017.
