Which of the following statement is correct in the context of 'Tax Reforms' in India in the last three decades?
Answer & explanation
Correct answer: option 2
In 2016, the Indian Parliament passed a law, Goods and Services Tax Act 2016, to simplify and introduce a unified indirect tax system in India. This law came into effect from July 2017. This is expected to generate additional revenue for the government, reduce tax evasion and create ‘on nation, one tax and one market’.