US receives USD23b in taxes from Indian IT firms

(MENAFN) Indian technology industry paid a total of USD22.5 billion in taxes throughout the financial years 2011-15, which only hints at the high ranking position this booming industry has reached.

According to the commerce ministry, the tech industry also supported 411 thousand jobs in FY2015 directly or indirectly, let alone paving the path for huge amount of groundbreaking innovation.

India is well-known for housing a vast number of tech giants, let alone it being a vital target for numerous global industry leaders like Microsoft and Apple, considering its huge population.

However, the anticipated US government hiking of Visa fee is projected to adversely impact the Indian IT Industry, as IT firms would expect to pay between USD8-10 thousand per H-1B visa.