Explain tax reforms under New Economic Policy (1971). – InterviewSolution

InterviewSolution

1.	Explain tax reforms under New Economic Policy (1971).
Answer» The rates of taxes before 1991 were quite high. High taxes resort people to tax evasion. To discourage tax evasion tax rates were gradually being reduced. Also tax laws and procedures are being simplified to simplify filing of tax returns and making payments. In 2016, GST law was passed. It has established a common national market ensuring smooth flow of products from and part of country to another.

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