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Equal distribution of wealth:
A good tax system is that which reduces the inequalities in distribution of wealth. The burden of tax should be equals on every taxpayer.

Sufficient Revenue.
Tax system should be as such which scan yield sufficient revenue to the government.

Based on canons of taxation.
A Tax system should be based on canons of taxation its burden falls more on rich and less on poor.

Simple:
A Tax system should be fairly simple. It should also be easy to administer.

Elastic:
A Tax system should be elastic, so that government can increase or decrease the amount of tax revenue.

Minimum Collection Cost:
The cost of collection of taxes should not be excessive.

Ability of tax payer:
Rate of tax should be according to the ability of tax payer. Such as progressive taxation system is used.

Social Welfare:
A good tax system is that which brings the maximum welfare to the society.

Diversity:
There should be diversity in tax system. Some taxes should be direct and some should be indirect.

Economic Stability:
Tax system should ensure the economic stability. For example, during period of boom, tax should be high but in period of depression it should be low. For this purpose the progresses taxation system should be used.