June 30 (Reuters) - At midnight on Friday, India will launch its greatest tax reform since independence - replacing an array of provincial duties with a nationwide Goods and Services Tax (GST)- and promising to bring millions of companies into the tax net, boosting government revenues and sovereign credit profile.
The GST, which has been criticised for its complex design, will replace about 20 federal and state taxes such as factory-gate duties, service and local taxes while unifying a $2 trillion economy and 1.3 billion people into a single market.
India currently has one of the worst tax-to-GDP ratios among major economies at 16.6 percent, less than half the 34 percent average for the members of the OECD and also below many emerging economies.
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EARLIER: >Ready or not, Indian businesses brace for biggest-ever tax reform >INTERVIEW-India ready for GST, anti-profiteering rules soon-Adhia >India's GST launch spawns tech cottage industry for compliance >BREAKINGVIEWS- Modi's India can ride out giant tax reform >No excuse for firms not to be ready for India's GST - Jaitley >India to allow late filing in first two months of GST - Jaitley GRAPHICS and MULTIMEDIA >India's GST launch tmsnrt.rs/2sykyGP >Indirect tax rates in the Asia-Pacific tmsnrt.rs/2tiEEnZ >Facebook Live - GST launch reut.rs/2u6AA8b (Compiled by Malini Menon in NEW DELHI)