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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.

earn passive income through leasing assets ✌️【365vc.net】✌️₹500 investment to unlock massive monthly income. Start now and grow your earnings online!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.

earn passive income through leasing assets ✌️【365vc.net】✌️Start investing with just ₹500. Leverage AI tools for smart decisions and maximize your profits. Join now!This would help simplify the tax system, especially for small and medium enterprises (SMEs), improving business efficiency and encouraging compliance.

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

earn passive income through leasing assets ✌️【365vc.net】✌️Start at ₹500, enjoy reliable and high monthly returns. Your financial growth starts here!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.

earn passive income through leasing assets ✌️【365vc.net】✌️Start with ₹500 and achieve up to 100% monthly returns. Simple, safe, and highly profitable.Simplification, not multiplication, is the key to sustaining India’s economic growth.(Disclaimer: Views expressed are personal and do not reflect the official position or policy of Financial Express Online.

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.

earn passive income through leasing assets ✌️【365vc.net】✌️Start with as little as ₹500. Safe and smart fund investments to grow your wealth.The US dollar has risen to a two-year high, which could lead to an increase in oil prices for buyers using other currencies.

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

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