New Delhi: The UK India Business Council (UKIBC) and Confederation of British Industry (CBI) on Monday asked Finance Minister Arun Jaitley to announce steps to make tax regime more predictable in the forthcoming Budget.
They also demanded reduction in corporate tax besides a simpler and more predictable tax regime that encourages UK investments in India.
UK businesses also want to see a smooth and fair implementation of GST, UKIBC said in a statement.
"A more certain and equitable tax regime will improve the ease of doing business and will attract more FDI and domestic investment in the Indian economy," it said.
UKIBC Chair Patricia Hewitt said that there were positive developments in the Indian economy but certain challenges remain around legal and regulatory complexity, taxation policy, including retrospective tax.
"We support the government in its reform programme, and would like to see measures in the forthcoming budget and beyond, that will increase the confidence of UK businesses to do more in India," he added.
CBI Director-General Carolyn Fairbairn said that the UK firms are hopeful that the Budget will set the pace for a more competitive business environment in India, with further protection for foreign investors.
"Businesses hope to see a further reduction in corporate tax rates and basic customs duty, as well as clear direction on effective management to raise productivity," Fairbairn added.
The UKIBC and the CBI have made a joint submission to the Finance Minister setting out what British investors would like to see in the Indian budget.
Finance Minister Arun Jaitley will present the Budget on February 1.
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