Ahead of budget, U.S.-India forum urges Nirmala Sitharaman for stable and predictable tax environment
The Hindu
US-India Tax Forum urges stable tax environment in upcoming budget to boost investment and ease of doing business.
The US-India Strategic Partnership Forum has urged Union Finance Minister Nirmala Sitharaman to ensure a stable and predictable tax environment as she prepares for her annual budget later this month.
The US-India Tax Forum, a dedicated Tax Policy Forum of the US-India Strategic Partnership Forum (USISPF), said this in a set of recommendations to Ms. Sitharaman.
In a press release by USISPF, the tax forum said that a stable and predictable tax environment is imperative to boost investment sentiment across sectors.
"The industry eagerly anticipates the Union Budget 2024-25, the first budget of the re-elected Government, which is expected to introduce measures that will stimulate growth across sectors," it said.
Asserting that an investment-led growth strategy is essential to support India's economy, it said measures are needed to enhance the ease of doing business, rationalise the cost of doing business, and simplify tax rates and tariffs.
The business community looks forward to tax efficiency measures and clarifications that will address transactional issues around the tax legislation, unlocking growth and investment opportunities, USISPF said.
Observing that rationalisation of corporate tax rates has long been an ask for companies across sectors, the US-India Tax Forum suggested bringing parity in tax payable by domestic and foreign players in multiple sectors.