CLEAN : India parliament set to pass landmark tax reform

The video discusses the simplification of India's tax structure through GST, which aims to unify the market and potentially boost economic growth. It addresses challenges such as the impact on manufacturing and consuming states, small-scale industries, and initial inflation concerns. The video highlights the benefits of GST, including reduced corruption and inflation, due to its transparent and simple process.

What is the primary goal of introducing GST in India?

• To increase the number of taxes

• To simplify the tax structure

• To create more tax exemptions

• To reduce the tax rate to zero

How might GST affect the growth rate of India?

• It will decrease the growth rate significantly

• It could potentially increase the growth rate

• It will have no impact on the growth rate

• It will slow down the growth rate

What is a potential challenge for manufacturing states with the implementation of GST?

• They might lose revenue to consuming states

• They will have to pay higher taxes

• They will have to close down industries

• They will receive more subsidies

What is one of the expected outcomes of GST in terms of market competition?

• Increased corruption

• Monopolistic practices

• Unfair competition

• Balanced competition

How does GST aim to reduce corruption?

• By increasing the number of tax officials

• By making the tax process more complex

• By simplifying and making the process transparent

• By eliminating all taxes