Economies are ranked on their ease of doing business, from 1-190. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm. Latest Ease of Doing Business report of the World Bank Group has once again everyone has been left disappointed as India climbed just one position to 130 this year.
Paying taxes is one of the worst indicators for India - this year the countrys rank remained atlowly 172 out of 190 countries.
The introduction of the Goods and Services Tax (GST)is expected to ease doing business by managing the multiple indirect taxes applicable in the existing tax regime, removing cascading effect of taxes and widening the tax base.
By unifying all Indian states and Union Territories into a one nation one common market, GST will exponentially enhance the ease of doing business. GST is expected to bring in a lot of certainty on the indirect tax front and this will provide a boost to new investments, especially foreign investments in the Country.