Grey Market and its Impact on Indian Economy

threadbrowser

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Sorry for delayed reply but yeah I meant a flat corporate income tax of 20% without any exceptions or deductions. I would also like to see a single standardised VAT system operating across all states and replacing all state sales and excise taxes. The rates should be at a max 15% and minimum 4%. This is where carrot and stick comes in, a tax system which is not too onerous in terms of time to file and amount to pay coupled with ferocious enforcement with extremely high penalties.

In my personal dream world the long term government policy should be geared towards motivating small traders to grow towards a certain sweet spot in terms of size, ie., small enough to provide employment to many but big enough to tax.
Also the current obscene level of taxation on fuel, cum stupid subsidization of the same should really be thrown out. Not only is it extraordinarily inefficient it is also inflationary.
 
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amoy

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how shall e-commerce be defined? Portals like Taobao.com is totally tax free and legal with a huge volume of on-line transactions inclusive of almost every commodity u can think of.
 

Yusuf

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I have never heard of any tax free portals. They all include VAT or GST depending on what the tax is called in any country. In india its VAT and its charged at either 4% or 12.5% depending on the tax slab. In my state the tax rate has gone up by 1% from april 1st.
 

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