Simplification of Taxes: An essential step for India to be more business-friendly

In the midst of the debilitating issue of economic slowdown in India, the country is looking for ways to reduce the fiscal deficit. Initiatives like GST, infrastructure development, reducing bureaucracy and regulation, simplifying the tax code, insolvency and IBC, and recent corporate tax rate cut targeted towards economic reform, allow India to improve its growth trajectory for the better. However, even with all these efforts, it seems that the country is currently facing challenges to back its mandate. And in this situation, India’s business sector is facing flak in dealing with tax administration, resulting in limiting economic growth.

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