Deloitte Touche Tohmatsu India conducted a prebudget survey among senior finance professionals . While demonetisation and GST led to some market disruptions and subdued production sentiment, the economy has recently shown signs of recovery. This is reflected in the survey, with almost 70% respondents saying that the improvement in ease of doing business is limited to some specific areas. In the Finance Act 2017, the government extended the 25% tax rate only to companies with a turnover up to Rs 50 crore. Half the survey respondents (50%) expect corporate tax rate to be reduced to 25% for all companies.Among the various tax measures such as lower personal income tax rates, lower corporate tax rates, consistency on GST compliance, achieving ease of doing business, our survey respondents placed a higher weightage on reducing personal tax rate (47.11%), followed by lower corporate tax rates (29.75%).

Source: Economic Times January 27, 2018 18:00 UTC