As the Union Finance Minister Nirmala Sitharaman, is all set to present the Indian Budget for 2023-24, we reached out to Kapil Kapoor, Chief Technology Officer at CredAble to understand what the consumer tech and electronic sectors are expecting from the upcoming budget.
Speaking about the expectations with the Union Budget 2023-24, Kapil Kapoor, Chief Technology Officer at CredAble said, “Measures to reduce the corporate tax rates will help tech companies in capturing the global market share. Today, being among the frontrunners in the digital race, India has emerged as one of the strongest tech hubs in the world.”
“The country’s IT spending is forecast to grow at a rate of 2.6% in 2023. Measures to reduce corporate tax rates will help tech companies capture global market share and will make them more competitive,” Kapoor said.
Further adding to his expectations with the budget, Kapoor added, “While the government has been on a continuous pursuit to widen the tax base, there is a rising need to streamline the withholding tax system and bring about measures to simplify tax and GST compliance.”
“Along with ensuring that safe harbor rules for transfer pricing are made available to entities with a higher turnover, there is also a need for increased clarity around international tax rules,” Kapoor continued.
