ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Calcutta Diary

Substitution of sales taxation by value added tax, it is being claimed, will reduce distortions in the economy caused by multiple rates of taxation of inputs and help the establishment of an integrated national market. What a pipe-dream. A seemingly fractured market which nonetheless promotes faster and more balanced development is to be preferred any day to an arrangement where the national market is technically integrated and yet overwhelmingly unfriendly to growth. Who will tell that though to the docile chief ministers and state finance ministers who have volunteered to sign their own death warrants?

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