The Union budget at the beginning of July is going to be fundamentally important in terms of meeting people's expectations, says Richard Heald, Group CEO of UK-India Business Council (UKIBC).
In an interview with CNBC-TV18 Heald shared his views on bottlenecks in doing business with Indian companies. "I think simplification of GST is one area where people would like to see action. I know a lot has been done on slabs, but the bureaucracy behind that in terms of filing tax returns is quite immense," he noted.
Speaking on one single rate for GST he said: "In the UK, we have a single rate. Ideally we would like to see one single rate, but I understand the reality on the ground in India though the government would also like to see a single rate. You have to move towards that gradually. I am pragmatic about the fact that we have multiple rates provided there is a consistency of movement towards having a rationalisation of the system."