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Prioritising a stable and simple tax regime in Budget 2024 to enhance ease of doing business

Money Control · 4m

Businesses in India are urging for stable and simplified tax laws to facilitate ease of doing business and support the country's growth trajectory. The recent tax policies, including corporate tax rationalization and Goods and Services Tax (GST), have led to significant tax buoyancy and increased revenues. A Deloitte survey shows that around 67% of industry leaders expect a focus on stable and simplified tax laws in the upcoming budget. Businesses are seeking a shift in the tax paradigm towards moderate tax rates and expanded tax bases, as well as the simplification of capital gains tax rules and the withholding tax regime. Simplifying the tax structure, reducing unwarranted litigation, transitioning to digital processes, and advancing research and development initiatives are crucial steps towards fostering transparency, promoting ease of doing business, and attracting foreign investments.