American business wants Sitharaman to rationalise and streamline India’s direct and indirect taxes

Prior to the annual budget announcement, a leading U.S. business and strategic advocacy group focused on India has urged Nirmala Sitharaman, the union finance minister, to rationalise and simplify India’s direct and indirect taxation system.
The group believes this will boost foreign direct investment and boost investor confidence globally. While indirect taxes such as GST, Customs Duty, or VAT are imposed on all end-consumers to purchase any products or services, direct taxes can take the form of income tax, capital gains tax, or securities transaction tax.
USISPF sought to standardise holding times and rates for various instruments while pleading with India to streamline capital gain tax legislation.

This news was written by Ms. Pujari Dharani, Research Assistant, All India Legal Forum.


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