Big Deal: How good is India's tax regime? Here're expert views

"Unlike the schemes in the past which ask you to settle at a lower than normal tax rate, here what you are told is you pay your normal tax and if you settle a matter, then you don't have to pay interest and penalty. As we looked at several people who came to seeking advice, we found that Vivaad Se Vishwas is gaining popularity. We just have about fortnight to go, December 31 is the last date, but the scheme has been quite successful and has been quite welcome. I hope it reduces the litigation," he said.

Amit Gupta, Dir-Tax-Indian Subcontinent at Dell Technologies, said that corporate tax cuts, avoidance of double taxation on dividends have been positives. Gupta also said that GST invoicing has been a great initiative. According to Gupta, the government will need to think about inventing new resources in advance pricing.

Porus Kaka, a corporate lawyer, said that digital taxation is going to be key highlight for the next 2 years internationally. He also said that the government has wisely come out with a charter for taxpayers. However, he believes that the taxpayer charter is slightly loosely defined.