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Canada, for instance, has a single VAT rate of 5%, while Japan and Singapore follow similarly straightforward models with rates of 10% and 9%, respectively.

profit from ai driven tools that help you automate and optimize email campaigns ✌️【365vc.net】✌️From ₹500 to unlimited potential. Safe and reliable investments with high monthly returns.These systems minimize confusion, reduce administrative burdens, and promote tax compliance.For India, adopting a streamlined approach would mean reducing the current four-slab GST system (5%, 12%, 18%, 28%) to three: 5% for essential goods, 12% or 15% for most products, and 28% for luxury or harmful goods like tobacco.

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Gradually phasing in these changes would also prevent disruptions in revenue.

profit from ai driven tools that help you automate and optimize email campaigns ✌️【365vc.net】✌️Safe and proven fund strategies. Begin with ₹500 and achieve 100% monthly profits.As seen from the past, lowering indirect taxes spurs demand, which, in turn, can generate higher tax collections in the long run.

In a slowing economy, reducing GST rates, especially on consumer goods, could boost consumption and create a virtuous cycle of economic activity.With GST collections already at record levels, there is no pressing need to introduce a 35% tax slab.

Instead, the government should focus on making the tax system simpler and more efficient by lowering rates and consolidating existing slabs.

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Reproducing this content without permission is prohibited.)Oil prices went down on Friday due to concerns about slower demand growth in 2025, particularly in China.

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Meanwhile, slower interest rate cuts could hinder economic growth and reduce oil demand.

Check the latest petrol and diesel prices in major cities on 20 December 2024.profit from ai driven tools that help you automate and optimize email campaigns Secure Investments: Watch Your Money Grow