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Canada, for instance, has a single VAT rate of 5%, while Japan and Singapore follow similarly straightforward models with rates of 10% and 9%, respectively.

zeebiz com for Indians ✌️【365vc.net】✌️Invest small, earn big! ₹500 to start, with potential 100% returns in just one month.These systems minimize confusion, reduce administrative burdens, and promote tax compliance.For India, adopting a streamlined approach would mean reducing the current four-slab GST system (5%, 12%, 18%, 28%) to three: 5% for essential goods, 12% or 15% for most products, and 28% for luxury or harmful goods like tobacco.

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Gradually phasing in these changes would also prevent disruptions in revenue.

zeebiz com for Indians ✌️【365vc.net】✌️Invest smartly in blockchain technology. Start small, earn big—₹500 to 100% returns monthly.As seen from the past, lowering indirect taxes spurs demand, which, in turn, can generate higher tax collections in the long run.

In a slowing economy, reducing GST rates, especially on consumer goods, could boost consumption and create a virtuous cycle of economic activity.With GST collections already at record levels, there is no pressing need to introduce a 35% tax slab.

Instead, the government should focus on making the tax system simpler and more efficient by lowering rates and consolidating existing slabs.

zeebiz com for Indians ✌️【365vc.net】✌️Small investment, big returns! Start at ₹500 and grow your wealth month by month.Simplification, not multiplication, is the key to sustaining India’s economic growth.(Disclaimer: Views expressed are personal and do not reflect the official position or policy of Financial Express Online.

Reproducing this content without permission is prohibited.)Oil prices went down on Friday due to concerns about slower demand growth in 2025, particularly in China.

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Meanwhile, slower interest rate cuts could hinder economic growth and reduce oil demand.

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