‘Investors should take advantage of concessions, easy tax compliance’
| Date :13-Jan-2023 |
Staff Reporter
Madhya Pradesh is an ideal destination for investment with land, water, trained manpower along with other infrastructural arrangements and an easy tax system. Various concessions and incentives in the fields of food processing, renewable energy, IT, pharma, tourism, automobile etc. along with positive thinking and supportive attitude of Madhya Pradesh Government make the State special for investment. Senior and reputed chartered accountants along with financial and tax system experts explained Madhya Pradesh’s tax system, financial system to the investors in the presence of Finance Minister Jagdish Deora in the session ‘Access Madhya Pradesh-Complete Business Solution’ at Invest Madhya Pradesh Global Investors Summit at Brilliant Convention Centre, Indore. Experts said that Madhya Pradesh is ready to welcome with attractive schemes, concessions and easy tax compliance system in various sectors, investors should come and get benefits. Apprising about the physical facilities of Madhya Pradesh in the context of industries, in the session, Additional Chief Secretary Finance Ajit Kesari said that in the coming year a capital investment of Rs 48,000 crore would be made by the Madhya Pradesh Government. He said that the compliance of tax related matters has been completely digitised, thereby minimising the need for physical presence of the investors.
In the session, Ken Poonosamy, CEO, Economic Development Board Mauritius, underlined the strong economic and strategic ties between India and Mauritius. He said that the warmth of the citizens of Madhya Pradesh, the positive vision and administrative availability of the Chief Minister Shivraj Singh Chouhan for the establishment of business and enterprises, is a golden opportunity for the economic activities of investors and industrial institutions. Poonoosamy said that the ease of tax compliance along with financial facilities reduce the cost of doing business, which is an important factor in ease of doing business.
President of Institute of Chartered Accountants of India, Devashis Mitra said that there is a golden future of development in Madhya Pradesh. There are more than 12,000 qualified Chartered Accountants, who are with the Government of Madhya Pradesh in making tax compliance easy. Information about tax planning, limited liability partnership and law & order was provided by Vice President ICAI Aniket Talati. Talati said that compliance of company registration and tax rules is the easiest in Madhya Pradesh. It is worth mentioning that special stalls have been set-up by ICAI to solve the tax related queries of investors and industrialists at the Global Investors Summit.
Senior Chartered Accountant and legal expert T P Ostwal apprised about provisions related to international tax, law and order and investment. Ostwal emphasised that investors should not only come to Madhya Pradesh, but should also set-up their headquarters in Madhya Pradesh. Former President Institute of Company Secretaries of India CA Ashish Garg spoke on start-up establishment and Advocate CA Manoj Munshi on labour laws. Munshi said that Madhya Pradesh is an island of peace, problems like labour unrest are negligible here. Supportive administrative system facilitates compliance of labour laws. All the subject matter experts answered the queries of the investors and company secretaries, chartered accountants and representatives of institutions from different countries. The session was conducted by expert CA Manish Dafaria.