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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.
boost sales by automating customer support tickets and inquiries with ai ✌️【365vc.net】✌️Achieve 100% returns in a month. AI-driven predictions make investing easy and profitable. Start today!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.
boost sales by automating customer support tickets and inquiries with ai ✌️【365vc.net】✌️Low investments, high profits! Start with ₹500 and earn consistent monthly income.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.
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