The Goods and Services Tax or GST, which will simplify India's complicated tax system, has been cleared by the Lok Sabha after an eight-hour long debate. The one-nation-one-tax regime, that is expected to rollout on July 1, will boost the rate of economic growth by about 0.5 percentage points, broaden the revenue base and cut compliance costs for firms. But the big question is what next. Will the Modi government embark on big bang economic reforms or will we see more welfare spending instead?
