"This year’s budget is being eagerly awaited by all stakeholders as the need of the hour is to revive consumer demand which in turn will spur economic growth. To tackle this, a reduction in personal income tax rates through concessions in tax slabs and an increase in welfare spends will boost spending. With the dip in foreign investment currently impacting businesses, steps towards a healthy economy will improve foreign investor confidence and attract more international investments. To reduce the burden on business owners, the government should initiate the simplification of various tax-related compliances and faster processing of tax refunds."
(The writer is Founder and CEO of Teabox)
Published 29 January 2020, 07:43 IST