Proposed GST slab of 35% is a deterrent for growth
As per a cross-country World Bank study on sugar-sweetened beverages, India has one of the highest tax rates for carbonated soft drinks (CSDs) at a total tax rate of 40 per cent as of 2023.
India has gained another 23 points on the World Bank’s ease of doing business index to climb up to 77th place, becoming the top-ranked country in South Asia for the first time, and third among the BRICS.
The industry sector has welcomed the achievement.
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Rajesh Uttamchandani, Director, Syska Group, said: “We are delighted to know that India has jumped 23 notches to 77th rank from 100th rank in World Bank’s ease of doing business index recorded last year. It’s a reflection of government’s efforts and commitment to bring economic reforms that harness a healthy environment of investment opportunities and growth for businesses.”
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He added: “The ease of doing business parameter has also helped foster and accelerate our growth story with Syska group setting up four manufacturing units in various parts of the country within last two years, further aiding employment opportunities in the country.”
Javed Tapia, MD, Clover Infotech, said: “The consistency with which India has been moving up in the ‘Ease of Doing Business’ rankings by the World Bank is commendable. The jump from 130 two years ago to 100 last year and now to 77 bears a strong testimony to the efforts taken by the government to create a very conducive business environment. A jump in the ranking across areas such as ease of foreign trade augurs well for India’s growth into a developed economy. By merging taxes through the implementation of the Goods and Services Tax (GST), India has taken a very positive step towards further enhancing its perception as a great business destination.”
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