iii. Self-regulation is the best form of regulation:

♤ In the field of taxation, there has been a shift from departmental assessment to greater reliance on self-assessment. This holds good for Union taxes such as Income tax, State taxes like the VAT and local taxes like the property taxes.

♤ This principle of voluntary compliance can be extended to other fields like building bye-laws, public health regulations etc.

♤ To start with, this principle can straightaway be applied to cases where permission/license is required to be renewed periodically.