FICCI urges govt to address income tax, VAT issues

The Foreign Investors’ Chamber of Commerce and Industry (FICCI) on Friday welcomed the proposed budget for Fiscal Year 2021-22 with caution, urging the government to address income tax and VAT issues.

“The GDP growth target of 7.2 per cent is achievable provided that the GDP-investment ratio increases to an expected level,” it said.

The trade body made the remarks through a press statement sent to the media on Friday.

An optimum allocation for social security during this pandemic is worth it though implementation capacity is still a daunting task for the government, observed the foreign investors’ chamber of commerce.

The foreign chamber of commerce appreciated the government plan to vaccinate 80 per cent of its entire population in phases and expects that the foreign nationals working for its member companies would be included into vaccination programme.

The business association, however, expressed concern over the income tax issue.

The FICCI urged the government to address its existing tax issues in order for facilitating business.

It stressed the need for resources and efforts for proper implementation of the budget, which is an area of concerns over the years.