India launches new single nationwide tax

NEW DELHI — India’s Parliament held a special midnight session Friday to introduce a new single nationwide tax, replacing a complicated mix of state and federal taxes that will change the cost of nearly everything people buy. India’s president and the prime minister pressed a button heralding the major overhaul of the taxation system — known as the single Goods and Services Tax — from July 1.

Prime Minister Narendra Modi said a speech that the new system would eliminate 500 types of taxes in favor of one tax across the country, a catalyst that would remove trade imbalance and promote exports.