International Trade — Policy Reforms

Entry	Year	Description	Impact
101st Amendment Act	2016	Introduced the Goods and Services Tax (GST) in India, subsuming various central and state indirect taxes. While primarily impacting domestic trade and commerce, GST's unified tax structure and simplified compliance mechanisms have significant implications for international trade by streamlining the taxation of imports and exports. It replaced multiple cascading taxes with a single tax, making Indian exports more competitive by allowing for easier input tax credit refunds.	Streamlined indirect taxation for goods and services, making the process of claiming refunds for exports more efficient. This reduces the tax burden on exports, enhancing their competitiveness. It also brought greater transparency and ease of doing business, indirectly facilitating international trade by simplifying the domestic tax regime that exporters and importers operate within.