Given the NDA Government’s strong intent to drive reforms, we definitely anticipate some rationalisation in tax structures and strengthening of related infrastructure. While the GST council has already taken some proactive measures, we hope the Government will reemphasize on a roadmap for simple and business-friendly GST compliance and administration systems. More importantly, over the course of next few months, initiate all necessary constitutional amendments to ensure that there are no other State or Local Body Taxes, as they defeat the very purpose of bringing uniformity in the tax structure, while ensuring proper input credit for taxes.
For the accelerated growth of the start-up sector and economy at large, it’s important that the push for digitization should continue with more vigour. Initiatives by the Government including waving MDR on debit cards on transactions upto Rs.2,000 really go a long way in attaining this objective and we hope, on similar lines in post-budget period, rationalisation mechanisms are introduced around credit cards rates as well – which will continue to be a major mode of payments. UPI should be made more cost-effective and should be given a much larger push to increase its adoption in India.
We do expect the Government to take up and address IT infrastructure and allied issues this year, taking into account some serious issues that are being faced by the entertainment/media sector such as Piracy. The IT laws must be strengthened to address the root cause for these issues that are constantly causing a substantial hit to the overall revenues for the sector.
@Technuter.com News Service