For India to remain on track as a favourable investment destination and become a $5 trillion economy, it has to streamline taxation guidelines and improve GST compliance which will boost exports and increase growth, according to top India-centric American business advocacy groups.
US India Strategic and Partnership Forum (USISPF) has appealed to Finance Minister Nirmala Sitharaman to announce reduction and streamlining of various tax and tariff structures and open up the economy, arguing that it would bring the country on the path of fast track growth and create employment in large numbers.
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“As businesses become increasingly digital, India’s digital taxation model needs to be globally aligned for the future,” USISPF said, adding that it has put forth industry recommendations to improve ease of doing business, tax guidelines, GST compliance, CSR spending and digital taxation framework.
In a series of recommendations ahead of the Union Budget 2020, USISPF urged Sitharaman to allow two per cent mandatory spend on CSR as a tax-deductible expense.
Source: Business Standard
