gfiles magazine

April 13, 2017

Single tax a utopian dream

THE advent of GST is a very significant and historic step in the field of indirect tax reforms in India. By amalgamating a large number of Central and State/UTs taxes into a single tax and allowing the set-off of prior-stage taxes, it would mitigate the ill effects of cascading taxation and pave the way for a common national market. There may also be revenue gain for the Centre and the UTs due to widening of the tax base, increase in trade volumes and improved tax compliance.

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