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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Solution and Explanation
Reduction in Tax Rates: High tax rates led to widespread tax evasion. Reducing taxes encouraged voluntary compliance and boosted investment.
Simplification of Tax Procedures: Complex tax procedures discouraged compliance. Reforms like VAT and later GST reduced cascading effects and improved transparency.
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