US-India forum for simpler tax rules
US-India Strategic Partnership Forum (USISPF) has pitched for further simplification of the tax structure in India, including the tax deduction at source framework, to reduce compliance burden of the industry.
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In a comprehensive set of recommendations for the upcoming budget, the US-India Tax Forum, a dedicated tax policy forum of the USISPF also proposed extending concessional tax rates for greenfield manufacturing, which ended in March 2024.
It made a case for reducing compliance burden and aligning policies with global standards to attract investments in high-growth industries such as renewable energy, semiconductors and electric vehicles.
The tax forum, headed by former revenue secretary Tarun Bajaj, recommended introducing a reduced 15% tax rate for maintenance, repair and overhaul firms to strengthen post-manufacturing services, ensuring a robust and sustainable industrial ecosystem.
Additionally, it recommended measures to position GIFT City as a global financial hub, including exempting dividends for shareholders, offering tax exemptions on financial transactions and three-tier customs tariff structure.
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