US industry urges FM to rationalise, simplify direct and indirect taxes in India - watsupptoday.com
US industry urges FM to rationalise, simplify direct and indirect taxes in India
Posted 28 Jan 2023 12:01 PM

Image Source: AGENCIES

28-01-2023
Watsupptoday Desk

Ahead of the annual budget presentation, an India-centric top US strategic and business advocacy group has urged Union Finance Minister Nirmala Sitharaman to simplify and rationalise direct and indirect taxation system in India, a move it believes would increase the confidence of global investors and yield greater foreign direct investment. Direct taxes can be in the form of income tax, capital gains tax, or securities transaction tax, while indirect taxes such as GST, Customs Duty, or VAT are levied on all end-consumers to buy any goods or services.
“Rationalise corporate tax rates for foreign companies,” said the US-India Strategic and Partnership Forum (USISPF) in its submission to the finance ministry ahead of the annual budget presentations on February 1. It said that the rate for foreign companies, including banks be reduced to bring parity and sought to rationalise tax for new manufacturing companies.

Leave a comment: (Your email will not be published)