US-India Tax Forum's Budget Reforms

Rationalizing TDS, concessional tax rates, GIFT City to boost growth

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As India gears up for the Union Budget 2025-26, the US-India Tax Forum—a specialized Tax Policy Forum under the US-India Strategic Partnership Forum (USISPF)—has presented an ambitious set of recommendations aimed at bolstering the nation's global economic standing.

Comprising around 200 member companies, the Forum serves as a platform for dialogue on critical tax policy issues, connecting Government of India policymakers, global tax experts, and the business community to champion innovative and forward-thinking tax reforms.

In response to invitations from the Ministry of Finance, the Tax Forum conducted multiple consultations and presented its recommendations on three occasions. These proposals are designed to attract fresh investments, simplify tax structures, and position India as a global growth leader.

Tarun Bajaj, Chairperson of the US-India Tax Forum and former Revenue Secretary, said, "The Union Budget 2025-26 comes at a critical juncture for India's economic trajectory. As global headwinds persist, it is imperative for India to prioritize reforms that foster investor confidence, simplify the tax regime, and provide targeted incentives for sectors with transformative potential."