While the effective rate of indirect taxes under the new Goods and Services Tax (GST) regime still remains unclear, as fitment in tax slabs is under way, the Central Board of Excise and Customs (CBEC) has said that taxes were likely to "increase a bit" from the current level.

The year 2016 can well be labelled as the domestic black money retrieval year that saw the government follow a carrot-and-stick policy, nudging hoarders to come clean on their own by paying a penalty before the Income Tax Department showed the stick.