Question:
Discuss any two liberalization measures pertaining to the tax reforms, introduced by the government, during the economic reform process of 1991.
Discuss any two liberalization measures pertaining to the tax reforms, introduced by the government, during the economic reform process of 1991.
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The 1991 reforms simplified tax structures and reduced rates to enhance compliance and boost economic growth.
Updated On: Jan 30, 2025
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Solution and Explanation
Reduction in Tax Rates: The government reduced corporate and personal income tax rates to encourage compliance and boost investment.
Simplification of Tax Procedures: Introduction of reforms like VAT and later GST streamlined indirect taxes, reducing cascading effects and promoting transparency.
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