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Question

Explain the concept of tax reforms, in the context of the Indian economy.

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Solution

Tax reforms refer to reforms in the government's policy of taxation and public expenditure, collectively known as fiscal policy. Taxes are of two types: direct and indirect taxes.

The major tax reforms in India include:

a) A reduction in tax rates

b) Reforms in indirect tax system

c) Simplification of the process of tax declaration and collection


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