With a day to go for the presentation of the Union Budget, a KPMG India survey covering representatives of various industry sectors has shown that the expectations from the finance minister is quite high.
Top expectations from the survey are:
83% of respondents expect the government to introduce various policy reforms for the success of the ‘Make in India’ campaign and turn India into a global manufacturing hub.
CUT IN MAT, DDT:
40-50% respondents expect the minimum alternate tax (MAT) and dividend distribution tax (DDT) rates to be reduced.
TRANSFER PRICING:
55% respondents are of the opinion, in line with the global benchmarking standards, multiple-year criteria for benchmarking the transfer pricing transactions.
GST:
75% responded positively to introduction of GST along with their expectation that the Budget will lay the road map for implementing the same.
PERSONAL FINANCE:
53% respondents expect an increase in the maximum limit of taxable income. Further, almost 70% respondents expect an increase in limit for deductions allowed under Section 80C.
TAX RATIONALISATION:
60% expect the government to introduce/rationalise tax incentives to achieve the government’s vision.