US tax reforms may get mirrored in Budget 2018: KPMG India survey
A majority of the respondents in the KPMG India survey said US tax reforms may get mirrored in Budget 2018’s taxation policy through a reduction in corporate tax
Mumbai: The union budget is around the corner and, as always, companies and individuals are expecting changes in taxation structure. The Economic Survey tabled in the Parliament on Monday highlighted that India’s indirect tax base has increased by more than 50% with the rollout of Goods and Service Tax (GST) last July. Given this context, government’s taxation policy in Union Budget 2018 is seen to have larger implication than previous budgets.
A survey of KPMG India, where 300 senior finance professionals across various sectors were polled, reveals that a majority respondents think that tax environment has improved over last fiscal.
Some of the other highlights of the survey are as follows:
According to the survey, the recent US tax reforms may get mirrored in the Indian budget through reduction in corporate tax. Majority of these respondents expect other levies such as minimum alternate tax, securities transaction tax and dividend distribution tax to remain unchanged.
In the run-up to the budget, there has been considerable discussion around taxing long-term capital gains. The survey reveals majority of the respondents see introduction of such tax as their biggest apprehension, followed by introduction of inheritance tax/estate duty.
Individuals expecting tax relief see increase in income tax slabs as most beneficial. Majority of poll respondents also feel that the government should introduce additional measures on ultra-high income earners (over Rs5 crore).
- What night lights reveal about the Indian economy
- Aadhaar has emerged as key document for new bank accounts: Survey
- Motherson Sumi plans to invest Rs2,000 crore this fiscal to build new capacities
- Paytm says never shared users’ data with third-parties, government
- Four years of Modi govt: Labour reforms slow down despite policy revamp
Editor's Picks »
- Motherson Sumi continues to face margin pressure in foreign markets
- What the Warren Buffett indicator tells us about market valuations today
- Jet Airways lands with a thud in Q4 as fuel costs increase
- IBC amendments: Some dilutions, and a lot more speed
- Patanjali’s gambit is paying off in toothpaste wars