Friday, July 5, 2019

Recommendations/Expectations from IT/ITES Industry for Union Budget 2019-2020

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1. Need to sustain competitiveness of India as Key Business destination
2. Foreign Tax Credit Provisions to be in line with business trends and supportive to Global Indian industries
3.  Boost to increase CEO confidence levels of countries including US, UK and China
4.  India to emerge as Prime Destination for Foreign Investments
5.  India to showcase as Open Economy and Laws aligned to standards required by Global stakeholders
6.  IT Industry with digital transformation is critical to India's economy
7. Focus on Incentivizing investments
8.  Enable ease of doing business and promote growth of IT sector
9.  Harness opportunities offered by Digital Economy
10. Mainstream Technology disruption started in 2018
              Artificial intelligence
              Internet of Things
              Augmented Reality
              Blockchain Technology
              Big Data Analysis
              3D printing became mainstream cutting across industries
11.  Champion Services sector
12. Skilling of employees/ upskilling/ reskilling investments in budget
13. Use of technology to establish economic allegiance in country
14.   Necessity of Significant Economic Presence SEP
15.  Place of effective management provisions (POEM) without creating tax uncertainties
16. Promote market place with its just share of taxes
17. Reduction of rates of TDS for payment to call centres from 10% to 2% for small and medium sized  software product companies
18.  Tax authorities construing Service Permanent Establishment PE of Foreign company in India by mere secondment of employees of foreign company to India...Foreign companies are not willing to send employees to India on deputation
19.  Review income tax provisions related to secondment of employees to India
20. GST operations and legal complexities to be addressed to ensure ease of doing business
21. Specific concerns - determining place of supply, blockage in working capital due to self-supplies, treatment of HO branch office transactions, SEZ procurements require urgent resolution
22. Request Govt to provide support towards industry and consider NASSCOM recommendations
23 Create conducive policy environment
24.  Ensure voices are heard and create climate to leverage new developments in IT industry
25. Creating secured services to operate business of software development, software services, software products, consulting services, BPO services, e-commerce & web services, engineering services and animation and gaming.   Acknowledge the growth of Blockchain technology to handle cyber security issues

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