Budget 2016: FM Arun Jaitley to usher in tax reforms, says Grant Thornton
Budget 2016: India Inc is hopeful that Finance Minister Arun Jaitley will introduce tax reforms in the upcoming Union Budget to create a more simplified and litigation free tax regime to enhance ease of doing business in India, according to a survey. With the Bharatiya Janata Party (BJP) having won the national elections on a platform that highlighted its intent to ensure a better business environment for all, reforms have become crucial now in the third budget of the Narendra Modi.
Budget 2016: As per Grant Thornton's Pre-Budget Corporate Expectations Survey – 2016, the upcomingBudget will bring tax reforms for minimisation of litigation in the country.
Budget 2016: "While some big ticket reforms such as Goods and Service Tax (GST) may be mired in politics, one hopes that the government remains firm on its commitment to make India an attractive investment destination by targeted incentives," said Riaz Thingna, Director, Grant Thornton Advisory.
Budget 2016: Meanwhile, an overwhelming 96 per cent surveyed population expect introduction of tax holidays by Arun Jaitley for startups in India and 88 per cent of the respondents expect tax incentives would be doled out in support of Make in India campaign.
Giving details of the deliberations during the conclave, Jaitley said there are suggestions to amend SARFESI ACT and also expedite the DRT process by some more amendments to law.
Budget 2016: As far as the expectations from the changes in tax rates are concerned, 59 per cent respondents expect the government would announce a reduction in corporate tax rates. More than half of the respondents (55 per cent) expect a rate cut for personal taxation as well.
Budget 2016: On the indirect tax front, 56 per cent respondents expect that Goods and Service Tax Bill will be passed in the upcoming Budget Session.
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ANALYSIS / EXPERT COMMENTS
- Meghnad Desai
India needs a body like the UK’s Office of Budget Responsibility
- Anita Rastogi
In addition to simplifying the taxation structure, implementation of the GST regime will help eliminate most indirect tax issues
- Nirvikar Singh
Repressive regimes fail to deliver inclusive and substantive economic growth
- Anwar Shirpurwala
Extend duty incentives for mobile phones and tablets to all Information Technology Agreement goods
- Eric Mehta
Will this Budget be an enabler for ‘Make in India’, ‘Make for India’ and, most importantly, ‘Make India’ is something that will soon be answered