(LiveMint)
Prime Minister Narendra Modi promised to further simplify India’s tax regime, including bringing tax on equity investments in line with global standards, making a strong pitch to global business leaders to invest in India.
India will not shy away from taking the toughest decisions, Modi said in New York that was attended by top executives of some of the world’s biggest companies. “We will undertake necessary modifications on a regular basis on tax-related laws and to bring tax on equity investments on a par with global tax regime,” he said. The prime minister may be referring to the abolition of long-term capital gains tax and dividend distribution tax, said Rahul Garg, partner at PwC India.
