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USISPF urges India to reduce tariffs, streamline taxes

30
Jan '20
Pic: Shutterstock
Pic: Shutterstock
The US India Strategic and Partnership Forum (USISPF) has urged India to announce reduction and streamlining of various tax and tariff structures and open up the economy, saying that would fast track growth and generate large-scale employment. It put forth recommendations to improve ease of doing business, tax guidelines and compliance and digital taxation framework.

In a letter to Indian finance minister Nirmala Sitharaman, USIPF said as businesses become increasingly digital, India's digital taxation model needs to be globally aligned for the future.

Ahead of the budget 2020, USISPF urged Sitharaman to allow 2 per cent mandatory spend on corporate social responsibility (CSR) as a tax-deductible expense.

Seeking to defer implementation of the goods and services tax (GST) e-invoicing scheme until legal and technical challenges are addressed, USISPF recommended to include natural gas under the ambit of GST.

It requested Sitharaman to address trade barriers by resolving legislative and procedural challenges under the Customs Law and sought certainty in tax policies to foster positive investment sentiments, according to a news agency report.

Fibre2Fashion News Desk (DS)


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