Thursday, June 4, 2020
News

Budget '18: Citizens expecting corporate tax reduction, GDP growth

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

New Delhi [India] | January 29, 2018 12:01:13 AM IST
Ahead of the presentation of this year's Union Budget on Thursday, a Deloitte survey revealed that the respondents are expecting a five percent reduction in the corporate tax rate.

In addition, the GDP growth is expected to pick up amidst growing investor confidence and the government's continued reform efforts.

With the recent rating up-gradation and the improvement in ease of doing business index, India stands a high chance of becoming a global investment destination in the next couple of years. However, to achieve this, India needs to put in more efforts to the broad base "ease of doing business".

The survey noted that India's Goods and Services Tax (GST) structure is aligned with the OECD guidelines and based on two broad principles - final consumption or use to be taxed, and the GST not to be a cost in the supply chain.

While short-term impact of the GST could be mixed, 46 percent of the respondents confirmed that impact of the GST on their respective sector/industry till date has been neutral while 25 percent feel that the impact has been positive.

Furthermore, 51 percent expressed that, in the coming year, the GST would impact their sector/industry positively, while a small percentage (13 percent) still feels that the impact would be negative.

"Since GST has been implemented, it has seen revisions in tax rates, legal provisions, and compliance timelines. Further, the filing of GST returns (GSTR-2 and GSTR-3) has been deferred and additional summary return (GSTR-3B) has been prescribed for the time being. All features of the GST portal, the backbone of GST compliances, are yet to be operational. Hence, respondents voted for simpler compliance as the top priority reform sought in the existing GST framework," the survey read.

More than 50 percent of the respondents agreed that in the next fiscal, India will grow at a rate of 7 percent or more. For the next set of reforms, the survey suggested that the focus should be on easing litigation around tax issues, followed by reforms in the real estate sector.

Further, the impact of increasing oil prices and the US tax reforms, as per 53 percent of the respondents, are the two most global factors that will impact the Indian economic environment.

While there is cautious optimism among the Indian businesses enthusiastic about the reforms, the survey said an environment of easier compliances and audit processes needs to be in place in the coming months. (ANI)

 
  LATEST COMMENTS (0)
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE BUSINESS NEWS
Sensex above 34k, Nifty hits 10k as fina...
Retail and SME loans to deteriorate now:...
Air passenger traffic likely to fall by ...
Curtailed logistics services resume, ful...
Pan-India real-time buying & selling of ...
US initiates enquiry into digital servic...
More...
 
INDIA WORLD ASIA
NIA conducts search in terror-funding ca...
Don't hide and distort facts on Sino-Ind...
Finalise proposal to fund Amrapali proje...
Former PWD Minister Kunju not corrupt in...
Modi government seeks to give boost to r...
Health ministry directs its employees to...
More...    
 
 Top Stories
Kriti Sanon coaches mom on Punjabi ... 
Retail and SME loans to deteriorate... 
As LAC hots up, ISI Chief secretly ... 
Air passenger traffic likely to fal... 
Himanshi Khurana in video of new so... 
RML giving out wrong Covid results:... 
139 more test Covid-19 positive, J&... 
Sameera: Keeping sane this lockdown...