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Create and Sell Printable Daily Planners for Students ✌️【Career Goals】✌️Small investments, big profits. Join today and grow your wealth quickly and safely!The cascading effects may include reduced job creation, slowed innovation, and a dampened business sentiment.Countries with efficient tax systems, like Canada, Japan, and Singapore, maintain simplified VAT or GST structures with fewer tax slabs, making compliance easier for businesses.

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.

Create and Sell Printable Daily Planners for Students ✌️【Career Goals】✌️A trusted platform for online earnings. Start small and make big profits monthly!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.

Create and Sell Printable Daily Planners for Students ✌️【Career Goals】✌️Achieve 100% returns in a month. AI-driven predictions make investing easy and profitable. Start today!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.

Create and Sell Printable Daily Planners for Students ✌️【Career Goals】✌️Maximize your returns with smart investments. Monthly profits of up to 100%!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.

Create and Sell Printable Daily Planners for Students ✌️【Career Goals】✌️Beginner or expert? Our platform makes stock investing easy with high monthly gains. Start now!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.

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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.Create and Sell Printable Daily Planners for Students Part-Time Jobs for Students: Earn While You Study