Amaresh Bagchi, the noted economist who formulated the idea of VAT, passed away. He was 77.
Almost every serious government report on tax reforms owes some debt to Amaresh-da.
The Rajya Sabha on Wednesday approved the biggest tax reform since Independence.
'While the GST is structured to be an all-encompassing tax and to create a vastly expanded digital network of recorded transactions, no one knows how traders long used to avoiding taxes will apply their ingenuity,' says T N Ninan.
Reform ideas do not occur overnight and evolve over the years.
