How 'Arthakranti' taxes the system

Over the past couple of weeks, discussions on taxation have occupied an increasing portion of popular discourse. The primary reason for this has been news reports suggesting that the Bharatiya Janata Party is "considering" the Arthakranti proposal to replace all direct and indirect taxes with a banking transaction tax. As expected, public discussions on its feasibility have focused on revenue replacement. This spotlight on fiscal implications has sidelined the economic perspective of the proposal.

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