Budget 2017: India Inc hoping for simplified tax; boost for SMEs

India Inc is expecting some measures on easing the country's tax system in the upcoming Budget. Dramatic simplification of income tax process and rates is expected, especially for the small industries, said V Vaidyanathan, Chairman of Capital First. Complicated tax systems have cramped India's ease of doing business, said Dinesh Kanabar, CEO of Dhruva Advisors.“It is going to be a pro-poor, socialist Budget,” said MS Unnikrishnan, MD & CEO of Thermax. Some tax concessions are needed if the government wants money to flow in. The small and medium industries (SMEs) will need support from the government in this Budget, said Umesh Revankar, MD of Shriram Transport Finance.Unnikrishnan said that this year investments will mostly happen in the oil & gas sector. To increase consumption, interest rates need to come down. On this, Vaidyanathan said that interest rates are likely to come down now. The corporates are confident of July 1 rollout for the Goods & Services Tax (GST). While the larger and smaller industries are prepared for it, industries that have presence in 3-4 states will face some issues, Unnikrishnan said. Watch videos for full interview...