It is afflicting that the NRIs have to pay tax twice given they are already paying taxes in the countries they are employed and residing. Additionally, paying taxes to the Indian government, answerable under the Indian Tax Authority as a result of owning business ventures, assets, and investments in the country is unpleasant.Read more
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In 2021, India received $90 billion in remittance, contributed by the NRI population of about 3 crores, who are an important contributor to the Indian economy.
The following are some proposals to enable NRIs to increase their investments and assets in India as Nirmala Sitharaman, the Finance Minister, and her staff are getting ready to release the crucial Union Budget 2022.
Government should ensure NRI's 'Ease of Investment' in India as they mostly invest in real estate and financial products. They can be offered incentives like the ease of compliance, relaxation in tax rates, and concession under the Income Tax Act.
By 2030, India is expected to rise from seventh place to third place internationally in terms of forex/GDP size (after the United States and China). Providing such relaxations can help in accelerating the process and increasing forex profitability.
Given the investment market becoming remunerative and transparent due to RERA for NRIs, they can be offered a higher standard reduction in Rental Housing. This can ensure low-cost excess and higher access for those intending to own residents after retirement.
The government is anticipated to promote tax breaks, affordable schemes, digitization, and innovations to ensure the inflow of investment.
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