This is the demand of American industry from Nirmala Sitharaman, will she keep attention in Budget 2023?

The way foreign investment and business of foreign industries are increasing in India. His expectations from Budget 2023 have also increased. American industry has also pinned this hope on Finance Minister Nirmala Sitharaman.

The share of foreign companies in the Indian economy has increased. That’s why it is necessary to have hope from the Finance Minister’s budget.

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Finance Minister Nirmala Sitharaman is going to present Budget 2023 just a few days later. To the common Indian public and industries Budget There are a lot of expectations from it, but now the industry of America has also been included in this list. Because of this, in the last few years, the investment of many other foreign companies including America has increased rapidly in the country.

Now the share of foreign companies in the Indian economy has also increased. That’s why it is necessary for them to have hope from the Finance Minister’s budget.

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Request to rationalize taxes

US-India Strategic and Partnership Forum, a famous American advocacy group (USISPF) Has said just before the budget that the Government of India needs to rationalize its tax system. The government should simplify the indirect tax system along with the direct tax.

US-India Strategic & Partnership Forum Says that if the government simplifies the tax system, it will help in gaining the confidence of foreign investors. While foreign direct investment in the country (FDI) can be increased.

Direct taxes in the country range from income tax, capital gains tax to corporate tax under direct tax. While taxes like GST, customs duty or VAT in the form of indirect tax are levied on all the end consumers for purchasing any goods or services.

Correct corporate tax rate for foreign companies

The USISPF said the finance ministry should rationalize corporate tax rates for foreign companies in the budget. There is a need to bring uniformity in rates for foreign companies including banks and tax rationalization for new construction companies.

Not only this, the group has urged India to simplify capital gains tax. Along with this, there has been a demand to establish coordination in the holding period and rates of different investment tools. He asked the Union Finance Minister Nirmala Sitharaman about foreign portfolio investment investing in securities. (FPI) Has asked to extend the concessional tax regime for

Make new policies for startup ecosystem

Regarding the startup ecosystem, the group said that American venture capital companies investing in India expect measures to be taken to support the growth of the startup ecosystem in the budget. According to Arun Kumar, Managing Partner, Celesta Capital, venture capitalists want to tap Indian talent and invest in their ventures. He said that in such a scenario, venture capitalists are interested in policies and initiatives that help in the growth and development of the startup ecosystem in the country.

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