2.regulatery objective 2.1regulating consumption 2.2regulating production 2.3regulate import and export 2.4regulating the effects of inflation, depression etc., 3development objectives 3.1objective of economic development 3.2objective of capital formation 3.4objective of increasing employement opportunity 4.objective of reducing inequalities 4.1reduction in econimic disparities 4.2reduction in regional imbalance canons of taxation 1. equality 2. certainity3. convenience 4. economy 5. productivity 6. elasticity 7. diversity 8. simplicity 9. expediency 10. co-ordination features and problems of indian tax system 1. multiplicity of taxes 2. domination of indirect taxes 3. adhocism 4. bias in incidence of taxes 5. complexity and corruption 6. imbalance in tax system 7. lack of co-ordination 8. lack of built-in elasticity 9. squandering away of resources 10. administrative in efficiency and corruption streanth wakness 1. avoiding of cascading effect non economical 2. GST being applicable to all g&s all tax being not subsumed 3. goods not exempted diversification of tax rates 4. exempted goods scope for increasing tax rates 5. dual taxation system technology issues threads objectives levy of additional taxes on internal-state supply one country one tax compensation to state governments consumption based tax instead of manufacturing banking transaction to be costly increasing productivity natural justice to be in conflict increasing complaince influence of political parties reducing economic distortions increasing tax to tax GDP ratio and revenue surplus