The landmark revenue changes makes way for creation of a common market

Indian business leaders on Thursday hailed the passage of a landmark tax reform bill that paves the way for a new national sales tax and the creation of a common market across the country for the first time.

Lawmakers voted late Wednesday in favor of introducing the long-awaited Goods and Services Tax, which will replace a patchwork of central and state levies on goods and services and marks India's most significant economic reform in decades.