Budget Expectations 2025: CII seeks 8 key reforms to boost ease of doing business
As the Union Budget 2025-26 is around the corner, the industry stakeholders, economists, and experts are closely keeping an eye on the key reforms and announcements from Finance Minister Nirmala Sitharaman. Meanwhile, CII, the Confederation of Indian Industry has shared 8 major point agendas to boost the ease of doing business. Take a look!
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As the countdown to budget 2025 begins, Finance Minister Nirmala Sitharaman is all set to present the union budget in the Lok Sabha on February 1. Ahead of the upcoming Budget, the Confederation of Indian Industry(CII) has outlined its key expectations to boost economic growth and attract investments. CII has expressed 8 crucial reforms to improve the ease of doing business in India. According to the Confederation of Indian Industry, their focus agenda is to simplify business rules, promote ease of doing business, and enhance transparency to create a more business-friendly environment that would give rise to entrepreneurship and job creation.
Budget 2025: CII expects 8 point action plan for business reforms
The first point that CII has brought to attention before the upcoming Budget 2025 is, that apart from direct incentives to boost demand, a facilitative environment for ease of doing business would go a long way to bring manufacturing back to our country.
According to CII, the World Bank ranks us at 134 out of 189 countries. Therefore, CII says, When we are trying to revive investments, we have to keep in mind that a large part of investor sentiments are determined by their ease of doing business.
From the point of view of improving the investment climate, CII has been suggesting early implementation of GST. They feel that they are in one of the best situations now to push this through. It is important to ensure that the Constitution Amendment Bill does not have the sectoral exemptions built into it. In terms of a stimulus, nothing can be better than a well-crafted GST. It is expected that the implementation of GST will increase the growth of GDP by about 1.5 per cent.
According to CII, the proposed introduction of GAAR in 2015 will create uncertainty and generate anxiety in the minds of investors and, therefore should be further postponed.
The Confederation of Indian Industry feels that there is a need to announce clarity and stability in tax policies so that retrospective taxation is avoided. Retrospective tax amendments have negatively impacted business sentiment in the country. At a time when the country needs to bring back, investment flows to resume the high growth trajectory, CII expects the Budget would amend the Income Tax Act to clarify that retrospective amendment would be reversed and taxation would only be applied prospectively.
CII also talked about the Direct Tax Code (DTC). Through its many iterations, the DTC has evolved into a complex and non-industry-friendly Code. Therefore, CII suggests that fresh thinking be done and a simple, exemption-free, and low tax framework for direct taxes be evolved going forward, without looking at DTC as the base.
CII suggests creating a framework for settling tax disputes without going into litigation. An institutional mechanism can help in getting clarifications from CBDT or the revenue department.
CII suggests the creation of an institutional mechanism, through which industry and the tax authorities can work to create a non-adversarial and conducive tax environment. CII would be only too happy to work out a platform for this purpose.
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