– This is the script of CNBC's news report for China's CCTV on June 13, Wednesday.
Welcome to CNBC Business Daily, I'm Qian Chen.
India's biggest indirect tax reform is just around the corner and set to roll out in about 2 weeks.
However, business groups have been lobbying the government for a September 1 roll out instead, as they fear a chaotic implementation.
They argue that companies -- particularly small-and-medium-sized enterprises that contribute more than 30 percent of India's GDP -- need more time as they struggle to become tax compliant in the new system.
But on Tuesday, Revenue Secretary Hasmukh Adhia denied rumours that the rollout of the new tax policies would be delayed and urged businesses not to be misled by false rumours.
The country is now preparing for the July 1 nationwide rollout of a complex new goods and services tax (GST), which will create a single customs union and replace a myriad of charges levied across 29 states.
According to the Modi government, the reform aims at smoothing the way toward a more efficient and less corrupt economy.
India's new GST will instead have bands of 5, 12, 18, and 28 per cent, plus an additional levy for certain items like chewing tobacco, fizzy drinks, and luxury cars.
And the long-term benefits could be profound.
The new taxing process requires companies to electronically upload reams of invoices and reconcile them with vendors.
That will allow taxpayers to use their invoicing history to secure better borrowing terms, and make it harder for company owners to understate their personal income.
Enterprises, like logistics firms, will be able to pick the most geographically logical location for new warehouses, instead of hunting for the state with the lowest taxes.
The big unknown though is how much disruption the transition will unleash. Yet Modi's masterful political spin last year, when he cancelled most of the country's bank notes by value, suggests he wanted to accelerate economic reforms domestically.
And although many analysts expect some degree of upheaval in the short-term, officials have said GST may bolster growth as much as 2 percentage points.
CNBC's Qian Chen, reporting from Singapore.