Transparent taxation, the most advantageous government initiative during a pandemic: survey

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New Delhi, September 8 (IANS): From cautiousness to optimism, India Inc’s business sentiment is approaching pre-pandemic levels, pointing to more robust performance in the next quarter, a Grant Thornton Bharat survey said on Wednesday.

The government’s decision to make taxation transparent was seen as its most impactful initiative (40%), followed by the production-linked incentive program (PLI) (30%), the equalization tax (20%) and new labor codes (10 percent), according to survey results.

The survey was conducted with more than 3,700 respondents across all digital platforms, alluding to growing global and national optimism related to income in 2021.

Six in 10 respondents believe that reducing the tax and compliance burden will help revive businesses after the second wave of Covid. An increase in direct spending, followed by an additional injection of liquidity and an increase in FDI inflows, respectively, are also some of the other aid packages that respondents say could help boost trade. cross-border and domestic.

“Reducing corporate tax rates, attempts to reduce litigation through dispute resolution mechanisms, improving transparency through various administrative tax reforms, strengthening MSMEs through various policy initiatives, produce all result and add to the positive business outlook in India, “said Vikas Vasal, Country Managing Partner (Tax), Grant Thornton Bharat.

The survey also noted the impact of Covid-19 on businesses. Half of respondents (50%) believe that the second wave of the pandemic had a devastating effect on businesses and the economy, while the rest believe that the second wave was not as bad as the first or so. ‘there is hope of recovery in the next two quarters.

Effective management of change in business strategies, and not just corporate restructuring, has also placed emphasis on integrating sustainability and ESG into the business strategy of the company as activism from stakeholders and reputation management are gaining ground.

Grant Thornton Bharat’s survey found that 61 percent of respondents agree to include GSS as the main activity agenda. The focus has shifted from accumulating profits to building sustainable and resilient business models, which will not only test the waters, but also survive and continue to grow in the long term.

While 18% suggest reducing their focus on ESG and sustainability, 16% believe that Covid-19 has not led to an increased focus on ESG.

A small portion of 5 percent of respondents have already integrated ESG and sustainability goals into their overall business approach.

“No forward-looking organization can ignore the sustainability revolution and this is clear from the survey report.

“While sustainability and ESG attract attention, this needs to be understood for its long-term value creation. Managing risk, envisioning achievable goals, and investing in the right strategy will be key to instilling a sense of shared ownership, ”said Dinesh Anand, Partner, Grant Thornton Bharat.

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