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Economy

India set to roll out GST, and may change fiscal year

Prime minister seeks to align country with standard global practices

Indian Revenue Secretary Hasmukh Adhia addresses a GST meeting in New Delhi on April 25. (Press Information Bureau)

NEW DELHI Indian Prime Minister Narendra Modi is on a roll. Not content with just implementing the much hyped -- and sorely needed -- goods and services tax, he also wants to change the country's current April-March financial period to match the calendar year.

Big corporate houses and small traders are busy upgrading their IT systems and accounting practices for the July 1 rollout of the GST, which is designed to replace more than a dozen confusing levies imposed by India's central and state governments with a uniform nationwide sales tax.

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