Businesses Want Corporate Tax Reduction In 2018 Budget
India leaped 30 spots to 100 in the index crafted by Djankov at the World Bank Group. However the situation hasn’t improved. The instance of Veerendra Singh shows the same. The entrepreneur initiated an organic fertilizer scheme in Delhi, inspired by the push on bio-pesticides by government. One year has passed; Mr. Singh hasn’t yet received the government clearance to start the project.
Mr. Singh added that he possessed a single window system in Singapore. From building concepts to planning the set up for commercial production, all was done in only 4 to 5 months.
However, in India one needs 5 months just to understand whom to approach for sanctions. He had to visit all the departments separately, although it was announced as a single window system. Single window system does not imply here in the truest sense.
It’s true that central government introduced single-window system and has cut down the approval time, but approvals from states takes a lot of time. One cannot hold the authority of government accountable for any such delays in approval, as stated by the Vice President of FISME, CS Goel.
Although, the clearance process is online now, government asks to upload soft copies of the documents, but then the government officials want hard copies.
Situations worsen and without a middle man or bribe, getting approvals quickly is still a dream in India.
The struggle is likely to alleviate in future as Finance Minister is focusing on easing out the3 areas of concern – permission of the municipality for buildings and lands, cross border trading and contract enforcement.
According to Mr. Goel, businessmen want Mr. Jaitley to pay a heed to some other things as well like reduction of corporate tax to 25% and issue investment allowance to new technology startups for setting up or investments in R&D.