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India Tops G20 in Entrepreneurial Culture
By siliconindia
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Monday, 07 November 2011, 15:56 IST
Entrepreneurship culture, access to funding, education and training, regulation and taxation and coordinated support are chief keys emphasized by the E&Y Entrepreneurship Barometer to put together a winning enterprise environment.
According to the report, India is yet to grasp its potential completely. The survey said that the cost of starting up a business in India has recorded a decline of 5.5 percent since 2005. Therefore, the time taken to start a business in India has reduced from 56.6 days to 29 days in 2010 and a further simplification of procedure to start the business is highly recommended.
The current complexities can be measured if twin tax policy, the Direct Tax Code and the Goods and Service tax is introduced. Implementation of this policy will fetch simplicity, effectiveness and better assurance in the tax laws for businesses in common and small and medium enterprises (SMEs) in particular. The tax structure can be rationalized through these reforms, it will also reduce transaction and compliance costs. It will also be helpful in reducing the proceedings and controversies that currently encircle the tax system in India.
