US-India Business Community Calls for Tax Stability in Upcoming Budget
The US-India Strategic Partnership Forum, led by its Tax Policy Forum, has urged Finance Minister Nirmala Sitharaman to prioritize a stable and predictable tax environment in India’s upcoming budget. The forum believes that such an environment will stimulate investment and economic growth.
According to the forum, the business community anticipates measures in the 2024-25 Union Budget that will facilitate economic expansion across sectors. The forum recommends initiatives to enhance ease of doing business, simplify tax brackets, and rationalize business costs.
The USISPF emphasized the need for tax efficiency measures and improved transparency in tax legislation to attract investment. The forum also suggested equalizing tax rates for domestic and foreign entities to foster equity in industries like banking.
Tarun Bajaj, Chairperson of the US-India Tax Forum, highlighted the importance of “targeted reforms in direct taxes and customs policies” to strengthen India’s global partnerships. He expects measures to streamline corporate tax structures and transactions, encourage investments, and simplify customs procedures to ease trade flows.
The forum believes that these initiatives will create a favorable business environment, boost bilateral economic ties, and enhance India’s global competitiveness. They will further improve the ease of doing business for industries operating in India.
