Prime Minister Narendra Modi launched India’s biggest tax reform in its 70-year history, as businesses and citizens across the country steeled themselves for the economic turmoil that’s expected to follow.The new goods and services tax was formally ushered in at a late-night session of Parliament, reminiscent of the midnight meeting presided over by India’s first prime minister, Jawaharlal Nehru, on the eve of the country’s independence in 1947. The old India was economically fragmented, the new India will create one tax, one market and for one nation: FM Arun Jaitley

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Finance Minister Arun Jaitley takes the dais for introductory remarks on Goods and Services Tax launch.
India replaces its federal and state taxes with the Goods and Services Tax (GST), the most extensive tax reform since its independence.