Income tax GST direct indirect tax reforms from "summary" of Indian Economy: Performance and Policies by Uma Kapila
The concept of income tax, GST, direct and indirect tax reforms are crucial aspects of the Indian economy. Income tax is a direct tax paid by individuals and corporations on their earnings. This tax is levied based on the income slab rates set by the government. It is an important source of revenue for the government and plays a significant role in redistributing wealth in the economy. Goods and Services Tax (GST) is an indirect tax that replaced multiple indirect taxes in India. It is a value-added tax levied on the supply of goods and services. GST has simplified the tax structure and improved tax compliance in the country. It has also helped in eliminating the cascading effect of taxes, leading to a more efficient tax system. Direct taxes are levied directly on indivi...
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