New Delhi: India Inc.According to a Grant Thornton India survey, business sentiments are approaching pre-pandemic levels, pointing to a stronger performance in the next quarter.
A survey with over 3,700 respondents digital platformfound that transparent taxation has been one of the most important initiatives of the government, followed by the Production Linked Incentive (PLI) scheme, equalization levy and the new Labor Code.
Grant Thornton India said in a statement, “From being cautious to optimistic, India Inc’s business sentiments are approaching pre-pandemic levels, indicating a stronger performance in the next quarter.”
Half of the survey respondents believe the pandemic has had a severe impact on the economy, with 60 per cent of them saying reduction in tax and compliance could help revive businesses. Government initiatives have also played an important role in helping the economy recover.
Six out of 10 respondents believe that reducing the tax and compliance burden will help revive businesses after the second wave. Increase in direct spending, followed by additional liquidity inflows and increase in FDI inflows respectively, are also some of the other relief packages that the respondents feel can help boost cross-border and domestic trade.
The survey indicated growing global and domestic optimism related to revenue in 2021.
Grant Thornton India National Managing Partner (Tax) Vikas Vasal said, “Efforts to reduce litigation through reduction in corporate tax rates, dispute resolution schemes, bring in greater transparency through various tax administrative reforms, through various policy initiatives Promoting MSMEs from India, all are delivering results and adding to the positive business outlook in India.”
A survey with over 3,700 respondents digital platformfound that transparent taxation has been one of the most important initiatives of the government, followed by the Production Linked Incentive (PLI) scheme, equalization levy and the new Labor Code.
Grant Thornton India said in a statement, “From being cautious to optimistic, India Inc’s business sentiments are approaching pre-pandemic levels, indicating a stronger performance in the next quarter.”
Half of the survey respondents believe the pandemic has had a severe impact on the economy, with 60 per cent of them saying reduction in tax and compliance could help revive businesses. Government initiatives have also played an important role in helping the economy recover.
Six out of 10 respondents believe that reducing the tax and compliance burden will help revive businesses after the second wave. Increase in direct spending, followed by additional liquidity inflows and increase in FDI inflows respectively, are also some of the other relief packages that the respondents feel can help boost cross-border and domestic trade.
The survey indicated growing global and domestic optimism related to revenue in 2021.
Grant Thornton India National Managing Partner (Tax) Vikas Vasal said, “Efforts to reduce litigation through reduction in corporate tax rates, dispute resolution schemes, bring in greater transparency through various tax administrative reforms, through various policy initiatives Promoting MSMEs from India, all are delivering results and adding to the positive business outlook in India.”
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