India ranks 156 out of 189 in ‘Ease of Payment of taxes'
A World Bank Study recently reported that India ranks 156 out of 189 countries in ease of payment of taxes.
A World Bank economist says, "Taxes provide the sustainable funding needed for social programs and to promote economic growth. Policymakers need to find the right balance between raising revenue and ensuring that tax rates and the burden of compliance do not deter participation or discourage business activity."
In India an average Company has to spend 243 hours a year in tax compliance and make 33 payments and pay 62% of its profits as taxes.