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

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On Financial Innovations and Credit Market Evolution

6 It is very difficult to draw a distinction between evasion and avoidance in such cases. It is well known that the invoice price of the cloth is generally almost 15 to 25 per cent lower than the stamped price. While the retailer recovers the sale margins at various stages of the transaction added to the stamped price including the excise duty thereon from the consumer, the government receives a much lower amount of excise revenue.

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