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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.

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Use AI to improve your online sales strategies with data insights ✌️【References】✌️Start investing with ₹500 and see your wealth grow rapidly every month.This would help simplify the tax system, especially for small and medium enterprises (SMEs), improving business efficiency and encouraging compliance.

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

Use AI to improve your online sales strategies with data insights ✌️【References】✌️Start your investment journey with ₹500. Watch your returns multiply 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.

Use AI to improve your online sales strategies with data insights ✌️【References】✌️₹500 is all you need to unlock fast, high returns. Start investing today!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.

Check the latest petrol and diesel prices in major cities on 20 December 2024.Use AI to improve your online sales strategies with data insights ✌️【References】✌️Small start, big rewards! ₹500 to grow your wealth with minimal risk.