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LIVE Updates | Indian Union Budget 2023-24 Expectations: Start-ups demand separate taxation system for the sector
India's projected internal growth is encouraging, but there are still geopolitical risks, rising inflation, and sluggish global economic development around us. With the budget session shortly approaching, several sectors including manufacturing, real estate, ed-tech, agriculture, hospitality, banking, telecom, MSME and more have expressed their expectations from this year's budget.
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Finance Minister Nirmala Sitharaman will present the Union Budget 2023-24 in Parliament on February 1, 2023. The upcoming Union Budget 2023 will be the last full year Budget from PM Narendra Modi led government while a lot of hopes are being pinned on the annual excersise.
India's projected internal growth is encouraging, but there are still geopolitical risks, rising inflation, and sluggish global economic development around us. With the budget session shortly approaching, several sectors including manufacturing, real estate, ed-tech, agriculture, hospitality, banking, telecom, MSME and more have expressed their expectations from this year's budget.
The impact of the pandemic too has not completely faded away and in general, all the sectors have been demanding that the government should concentrate on increasing tax payer liquidity, take specific demand-side initiatives in order to increase consumption in various sectors.
Industries are also of the view that the upcoming Budget should adopt a holistic approach to boosting economic conditions for every person, in addition to focusing on strengthening the nation's economy.
Stay tuned with us for live updates on expectations from Union Budget 2023-24
LIVE Updates | Indian Union Budget 2023-24 Expectations: Hospitality industry seeks tax relief, investment in infrastructure, and GST exemption
We are expecting the central government to consider giving industry status to hotels across the country, spending on investment in infrastructure development to support the effortless movement of people, and tax relief measures to owners so they can pump in investments in current hotels as well as resume the stalled progress of hotels in the pipeline. It would be great if the government implements the GST brackets suggested by FHRAI and various bodies, applicable to hotel services to induce demand and remain competitive in the regional/global markets: Sharad K. Upadhyay, General Manager, Crowne Plaza Greater Noida.
LIVE Updates | Indian Union Budget 2023-24 Expectations: MSME demands removal of basic customs duty on metal scrap
Removal of basic customs duty on metal scrap will provide a big boost to the MSME units of the Recycling Industry largely dependent on imported scrap as a key raw material. The move will also benefit other industries in the MSME sector that use metal for finished products in various downstream applications such as infrastructure and auto components: Sanjay Mehta, President MRAI (the apex body of the Recycling Industry of the country).
LIVE Updates | Indian Union Budget 2023-24 Expectations: Government should ease Tax norms and GST
We hope for a tax reduction in the upcoming budget that could help small merchants to provide financial services to rural citizens. As this will help in minimizing the cost of providing financial services and foster deeper financial inclusion in the hinterlands of the country: Dilip Modi, Founder - Spice Money (Rural Fintech.
LIVE Updates | Indian Union Budget 2023-24 Expectations: GST Appellate Tribunals to be set up at the earliest for faster resolution of pending litigations
Centralised Advance Ruling Authority (AAR) – Centralised AAR must be set up considering contradictory rulings and to achieve the objective of ‘One Nation, One Tax, One Market’
Customs Act, 1962
LIVE Updates | Indian Union Budget 2023-24 Expectations: Acceptance of surety bonds instead of bank guarantee
Customs department should accept surety bonds instead of bank guarantees so as to facilitate trade and ease working capital.
LIVE Updates | Indian Union Budget 2023-24 Expectations: Govt should introduce CapEx and PLI incentives to promote its Make in India initiative
The Government should introduce CapEx and PLI incentives to bolster the IT hardware manufacturing sector to promote its Make in India initiative. It is expected that all the three categories of the Indian IT industry - software services, software products and hardware products will be included in government spending this fiscal. The government should promote recycle and refurbishment of electronics products to reduce the digital divide and promote sustainable development. Also, circular economy in TMT sector needs to be promoted: Manpreet Singh Ahuja, Partner & Leader - Technology Media & Telecommunications (TMT), PwC India.
LIVE Updates | Indian Union Budget 2023-24 Expectations: Expanding scope of Section 149 to allow amendment of documents in all scenarios
To permit amendments to customs related documentation post clearance in all cases where request is made within a reasonable time from clearance of the goods, as compared to the current situation where amendments are allowed only if they can be corroborated by documentary evidence that existed at the time of clearance of goods.
LIVE Updates | Indian Union Budget 2023-24 Expectations: Reduction in interest payable on differential duty
To reduce the interest payable on differential duty demanded by customs department from 15 per cent to 12 per cent per annum, keeping with the current economic conditions.
LIVE Updates | Indian Union Budget 2023-24 Expectations: Pan-India applicability of advance rulings
Advance rulings under customs to be made applicable on a Pan-India basis, to avoid different approaches being adopted by different Commissionerates
LIVE Updates | Indian Union Budget 2023-24 Expectations: Equalisation Levy
Clarifications on the scope of equalisation levy, including a specific exclusion for intra-group transactions undertaken over non-public digital platforms
LIVE Updates | Indian Union Budget 2023-24 Expectations: Work from Home and SEZ units
Clarifications on the continued availability of section 10AA benefits in respect of work undertaken by employees working from home in accordance with the modified SEZ Rules.
LIVE Updates | Indian Union Budget 2023-24 Expectations: Significant Economic Presence (SEP)
Increase in SEP thresholds and relief from return filing requirements in cases where treaty relief is available in respect of SEP income
LIVE Updates | Indian Union Budget 2023-24 Expectations: Pillar 2 Implementation
Roadmap for the implementation of Global Minimum Tax Rules in India, including facilitation of a public consultation process, says KPMG.
LIVE Updates | Indian Union Budget 2023-24 Expectations: Clarifications on the scope of TDS on benefits and perquisites
Clarifications on the scope of TDS under section 194R on benefits and perquisites to eliminate uncertainty and potential litigation, says KPMG.
LIVE Updates | Indian Union Budget 2023-24 Expectations: Rationalisation of TDS provisions
Considering the gradual increase in the scope of domestic TDS provisions and the wide range of TDS rates, a rationalization of domestic TDS provisions involving a reduction in TDS rates and alignment of rates across different payment categories, says KPMG.
LIVE Updates | Indian Union Budget 2023-24 Expectations: Alignment of rates between foreign and domestic companies
Reduction in tax rates for foreign companies (including foreign banks) to harmonise them with the reduced rates applicable to domestic companies, says KPMG.
LIVE Updates | Indian Union Budget 2023-24 Expectations: Govt must provide subsidies & fiscal stimulus to the private sector
Government must provide subsidies and fiscal stimulus to the private sector. The reduction of corporate taxes and implementation of various PLI programs have boosted domestic manufacturing; however, the industry now needs a boost with additional Make in India plans and incentives for electronics manufacturers. PLI initiatives will be expanded to attract more private investment and participation in the industry. For indigenous production to continue perpetually, self-reliance on the required state-of-the-art technologies must be a key focus area. Being self-sufficient would imply manufacturing complete platforms, expanding in-house R&D capabilities, and so on. Increased budgetary allocations for R&D are required. Furthermore, some weighted deductions on R&D expenditure and tax breaks for industry players may prove to be drivers of the Indian manufacturing ecosystem. The industrial sector requires tax breaks and simplified legal procedures. Unnecessary legislation should be phased out, and compliance should be simplified. This will boost trust and confidence between the private and public sectors."
Ashok Rajpal, Managing Director, Ambrane
LIVE Updates | Indian Union Budget 2023-24 Expectations: Govt may offer 5% rebate on loans, credit guarantee of 75% of the loan amount for MSMEs
The Finance Minister may unveil a range of initiatives to spport India’s energy transition in the Union budget. The government may offer a 5% interest rebate on loans and a credit guarantee of 75% of the loan amount or ₹15 crores per project to small and medium enterprises operating in this sector.
Meenakshi Vashist, Founder & CEO, TekUncorked
LIVE Updates | Indian Union Budget 2023-24 Expectations: Govt to introduce regulatory changes for startups and MSMEs to secure credit from online lending players
We expect the government to introduce regulatory changes that would create an easy line of access for start-ups & MSMEs to secure credit from online lending players. This will further help in boosting our economy. With the new-age innovative approach, the fintech financing solutions help students fulfill their educational dreams by enhancing affordability. This, in turn, is gradually democratizing education across the country. We hope the government recognises this and helps fintech firms help finance the dreams of millions.
Brijesh Samantaray - Co-Founder - Propelld
LIVE Updates | Indian Union Budget 2023-24 Expectations: Govt should reduce the current 18% GST rate from health insurance products
Rising medical inflation has resulted in many insurers increasing the premium on health insurance products this year. To reduce the premium cost and make health insurance purchase more affordable for policy buyers, insurers have been requesting the Government to reduce the current 18% GST rate from health insurance products. The Government should consider lowering the prevailing GST rate on health insurance. This will enhance its penetration by making health insurance plans more affordable. Subsequently, increasing the limit to claim tax deductions under section 80D will enhance affordability and encourage more people to opt for health insurance for their family and elderly parents.
Krishnan Ramachandran, MD and CEO at Niva Bupa Health Insurance
LIVE Updates | Indian Union Budget 2023-24 Expectations: Property sector needs incentives to get a boost
This Union Budget will play a crucial role as it comes on the back of the momentum gained by the sector with rising sales and decreasing inventory levels; the sector would need incentives in the form of according to industry status that will enable easy access to credit. This apart, higher tax breaks to homebuyers, rationalization of GST rates for raw materials, and offering interest subsidies to first-time homebuyers for a prolonged period will propel households to fulfill their dreams of owning a house.
Sunil Pareek, Executive Director, Assetz Property Group
LIVE Updates | Indian Union Budget 2023-24 Expectations: Govt to provide incentives and relaxations in establishing a network of EV charging hubs across India
"India is undergoing a transition, and its automobile sector is no exception. Over the past few years, the demand for climate justice for our future generations has gained momentum. According to a survey, assuming the appropriate infrastructure is in place, a majority of car owners are willing to switch to EVs. Keeping the same in view, Evera is working round the clock to introduce as many fleets of EV cabs as possible in various parts of the country. And to make sure that our EVs are able to provide better services to our customers, partners and governments we have planned a network of EV charging stations across primary locations across India. In the upcoming budget, we expect the government to introduce policies/ schemes that further support EV car manufacturers and cab service providers. In addition to this, we hope that the government will provide incentives and relaxations in establishing a network of EV charging hubs across India, a move that will help the union government to achieve its carbon emission target in a given timeline”.
Nimish Trivedi, Co- Founder, Evera.
LIVE Updates | Indian Union Budget 2023-24 Expectations: Residential market sector needs financial support amid decade high sales
The Indian residential market sales have been at a decade high in 2022 and to continue this growth momentum, the sector will need some financial support in the upcoming Union Budget 2023. In the budget, it is imperative to update the affordable housing policy by revising the price capping so that it can be in sync with the market dynamics of different cities. This move will also enable more homes to qualify for affordable housing. Currently, the unit size is 60 sq.m carpet area, which is suitable. However, the price range of up to Rs. 45 Lakh under affordable housing across India’s metro cities such as Mumbai is definitely something that needs to be brought into focus, where an upward range of Rs.85 Lakh or more seems more appropriate
Devanshu Bansal, Director, UK Realty
LIVE Updates | Indian Union Budget 2023-24 Expectations: Govt should consider lowering GST rates on health insurance
The Government should consider lowering the prevailing GST rate on health insurance. This will enhance its penetration by making health insurance plans more affordable. Subsequently, increasing the limit to claim tax deductions under section 80D will enhance affordability and encourage more people to opt for health insurance for their family and elderly parents. The Covid pandemic experience and increasing hospitalization expense is leading people to consider higher sum insured health insurance plans which provides comprehensive coverage against all diseases. The limit increase under section 80D will encourage them to opt for a health insurance plan with adequate sum insured to secure the health of their loved ones.
Krishnan Ramachandran, MD and CEO at Niva Bupa Health Insurance
LIVE Updates | Indian Union Budget 2023-24 Expectations: Govt should offer GST credit to those MSMEs that sponsor cost of insurance and wellness of their employees
“In the upcoming Budget, the government should look at offering GST credit to small and medium-sized businesses that sponsor the cost of insurance and wellness for their employees. This will further boost and motivate SME employers to provide adequate healthcare to their employees and in turn, reduce the burden on the government to provide the necessary healthcare to the country’s missing middle."
Yogesh Agarwal, Founder and CEO, Onsurity
LIVE Updates | Indian Union Budget 2023-24 Expectations: Progressive taxation regime will help India to become a global gaming hub
Online Gaming is at the cusp of major transition, with the allocation of a Nodal ministry and suggested amendments to the IT Act, we are moving towards a strong structural framework. In wake of these developments, we are hopeful that the 2023 Union Budget will bring in conducive changes that will further aid the growth of this sunrise sector. The need of the hour is to have a progressive taxation regime to help India become a global gaming hub
Gaurav Kapoor, Chief Finance Officer, Baazi Games
LIVE Updates | Indian Union Budget 2023-24 Expectations: Rationalisation of GST rates for construction materials will give a boost to the industry
The Indian Residential Real estate industry is on a high post-COVID-19 pandemic with customers increasingly looking at residential properties as one of the most important assets to generate long-term value and to shield themselves from the crisis. This ties into the Union government’s ‘Housing for All’ mission and more incentives in the form of higher tax breaks through Credit Linked Subsidy scheme will ensure the momentum continues. In addition to this, solving for backward integration through rationalisation of GST rates for construction materials will help increase affordability of properties as the country braces for the upcoming recession. While these enablers will solve the demand and supply situation, according to industry status to the sector will play a pivotal role in ensuring the viability of projects and drive the growth of the sector which is one of the biggest employers in the country and creates immense economic value. As the leading real estate developers in the country, we are hopeful of the finance minister consider the sector’s suggestions and fulfill the aspirations of millions of home aspirants across the country.
Angad Bedi, Managing Director, BCD Group
LIVE Updates | Indian Union Budget 2023-24 Expectations: Real estate industry is looking for higher budgetary allocations, easiser capital availability
The Indian economy has grown at a strong rate in recent years, fueled by consumer demand and government efforts to promote manufacturing and attract foreign investment, despite global uncertainty. However, there are potential challenges, mainly emanating from variety of external factors, which can slow the pace of economic activity and keep inflation stubbornly close to RBI’s outer limit of tolerance. Hence, there is a greater anticipation from the upcoming budget. While the industry will look for higher budgetary allocations, easier capital availability and greater relaxations, the middle-class population, which has not had many direct sops in the recent past, will eagerly look forward to direct benefits like tax-cuts or higher deductions. Increased funding for social welfare programs, measures to control prices of essential goods and services, and initiatives to create job opportunities, etc., will all be expected from the upcoming budget.
Anurag Mathur, CEO, Savills India
LIVE Updates | Indian Union Budget 2023-24 Expectations: Govt initiates payment of advance Tax or GST via credit cards to boost the sector
The Credit card business is a great barometer to judge the overall financial well-being of the society at large. It helps formalize the payments business, brings greater transparency, and broadens the tax net for the Government while reducing the payment pain points around cash or other traditional modes of payment settlement. Government initiatives around payment of advance Tax or GST through credit cards is a much-needed welcome step in this direction, and we expect more such use cases to be built around the credit card ecosystem. UPI on credit card can prove to be a master-stroke, with a combo of instant payment and credit, and government focus on this through the Budget will be much appreciated. We expect the Union Budget 2023 to generate the tailwinds needed for credit card issuers to enhance their businesses and in turn have a multiplier effect on the nation’s prosperity and to help achieve our goal of becoming a 5 Trillion USD economy.
Shailendra Singh, MD & CEO, BOB Financial Solutions Limited
LIVE Updates | Indian Union Budget 2023-24 Expectations: MSMEs or SMBs require financial support for setting up and upgradation of the industrial areas
MSMEs play a significant role in the Indian economy - whether it is employment generation or revenue contribution. MSMEs or SMBs require financial support for setting up and upgradation of the industrial areas. Developing or allocating new industrial zones and improving old infrastructure will motivate MSMEs or SMBs to give a greater output. This will create more employment opportunities and empower our nation with a more skilled workforce: Mr. Mandeep Arora, MD & co-founder, UBON.
LIVE Updates | Indian Union Budget 2023-24 Expectations: Footwear industry demands simplification of GST structure
“The Indian government is committed to promoting economic growth and development, and this focus has continued since the pandemic. We hope to see a budget that outlines a plan for increasing economic growth along with more investment in infrastructure and incentives for corporate capital expenditure. One important step in this direction would be simplifying the GST structure. Currently, the GST rate on footwear with a sale price above INR 1000 is 18 percent and the rate on footwear with a sale price below INR 1000 is 12 percent, which is confusing. Additionally, in the past, GST was set at a rate of 5 percent. However, it has significantly increased over the past few years and is now at 12 percent and 18 percent. This amidst the increased cost of raw materials is hurting the industry. Reducing the GST rate and having a uniform rate on all footwear would lead to lower prices and potentially increase consumer demand: Ahmad Hushsham, Co-Founder, Yoho.
LIVE Updates | Indian Union Budget 2023-24 Expectations: Neo Banks/Cross border neo banks/Fintechs seeks regulatory policies from RBI and provisions to create a supporting infrastructure for CBDCs
In recent years, the government has taken several steps to make it easier for people to send money abroad (known as remittances), including simplifying regulations, increasing the use of digital channels, and increasing the ease of doing business for startups in the same domain. With UPI going global in the coming months we can expect some regulatory policies of RBI in this Union Budget 2023. Also, CBDCs launched in December, could transform the way Indians make payments, but this success is dependent on how much people know about the robust technology and data security involved when making transactions. There is an expectation from the government to account for provisions to create a supporting infrastructure for CBDCs- Mayank Goyal, CEO & Founder, moneyHOP
LIVE Updates | Indian Union Budget 2023-24 Expectations: KPMG India seeks Tax Relief for individuals
In light of the buoyant tax collections during the current year, relief for individuals through realignment of income slabs and tax rates under both the normal and concessional tax regimes
LIVE Updates | Indian Union Budget 2023-24 Expectations: Education sector expects govt to allocate more funds to education and skill development
Thus, the Union budget 2023 allocation must set aside dedicated higher education funding for "internationalisation", both at State and Central level. The country’s budget must think of enabling competitive jobs while providing quality and accessible education opportunities for all, towards developing their skills and capabilities. Collective efforts with global best practices in education, which marry Indian demography and needs, can lead India to become a higher middle-income country. In light of this, there is a great deal of anticipation that the Union Budget 2023-24 would allocate a sizable amount of money to education and skill development, more than last year, which was INR 1,04,278 crore, says Prateek Gujral, Principal Advisor (South Asia), Augustana University, South Dakota, US
LIVE Updates | Indian Union Budget 2023-24 Expectations: Provide rejuvenated push to ongoing environment and climate-change schemes
This budget every year is always a good beginning and sets the ball rolling for the Nation’s progress, in the right direction. India has set ambitious greenhouse gas emissions reduction targets for 2030 and 2070, which experts say will take trillions of dollars- to make the ambitious clean air and climate measures a reality. The estimate majorly sees overhauling of some key sectors which emit greenhouse gases emitting sectors with technology transfer and access. The Union Budget 2023-24 will have to change past trends in India's budgetary spending and provide a rejuvenated push and an impetus to the ongoing environment and climate-change schemes to help decarbonise the country's economy, says Anup Garg, Founder, and Director at World of Circular Economy (WOCE)
LIVE Updates | Indian Union Budget 2023-24 Expectations: Start-ups urge FM to suggest policies to ease financial burden
It can be expected that the government will bring in reforms to strengthen the partnerships between FinTech institutions and banks. We are expecting that the Finance Minister will take into account the financial burden on start-ups and suggest policies to ease it. In the last budget, she gave major tax reliefs to start-ups and employees, in order to boost their development and to resolve the dual taxation issue and the tax burden that employee stock ownership plans (ESOPs) have on employees. However, the qualification criteria were too stringent, and as a result, very few start-ups could gain benefits from them. So, we can expect that the government will look into this and provide tax relief to budding FinTech start-ups and their employees, says, Gaurav Jalan, Founder & CEO, mPokket
LIVE Updates | Indian Union Budget 2023-24 Expectations: Indian education needs the policy and budgetary thrust to evolve as a catalyst for youth empowerment
Indian education needs the policy and budgetary thrust to evolve as a catalyst for youth empowerment, societal change and nation building. The upcoming Union Budget should address the core aspects of school and higher education with a view to enhance quality of learning, improve teacher professional skills, build robust infrastructure, and promote skill development. It is recommended that at least Rs 1000 crore of the education budget should be earmarked for faculty training and continuous professional development of teachers. Likewise, the government should target allocating 6% of GDP for education. Additional initiatives should be undertaken for funding and aiding institutions to develop digital infrastructure and set up research and innovation centres. Special emphasis should be on promoting quality vocational education and skill acquisition. This shall help to bring some of the 20 million out-of-school children back into the fold of mainstream education and be a positive move towards realization of the vision of the National Education Policy 2020.
Shishir Jaipuria, Chairman – Seth Anandram Jaipuria Group of Educational Institutions, & Chairman - FICCI Arise
LIVE Updates | Indian Union Budget 2023-24 Expectations: Middle class hopes changes in tax rates to get some relief from high inflation and rising interest rates
The Budget 2023 is challenging in many ways. This is a time for fiscal consolidation. The fiscal deficit is around 6.5 % of GDP at the Central government level and another 3.5% at the state level. This is way too high for the economy. Given the higher subsidy bill for food and fertilizer, the government has not got much space and resources left in incurring more subsidies and programs. Capital expenditure will mainly come from the private sector. Sustaining economic growth against the backdrop of global recession remains the foremost challenge. Exports are getting affected and the Current account deficit rising. The middle class hopes for a rejig in the tax rates to get some relief from the high inflation and rising interest rates. Finance Minister's success will depend a lot on how the global situation pans out. If the war in Ukraine comes to an end and the covid situation remains under control in China and other parts of the world, things may start to look up in India's economy. In the end, high economic growth, low inflation rate, and higher job creation will determine the success of the economic policies and initiatives in the general budget.
Rahul K. Mishra | Professor - Strategy and International Business, IILM University Lodhi Road
LIVE Updates | Indian Union Budget 2023-24 Expectations: Govt to introduce policies or schemes to support EV car manufactureres and cab service providers
"India is undergoing a transition, and its automobile sector is no exception. Over the past few years, the demand for climate justice for our future generations has gained momentum. In the upcoming budget, we expect the government to introduce policies/ schemes that further support EV car manufacturers and cab service providers. In addition to this, we hope that the government will provide incentives and relaxations in establishing a network of EV charging hubs across India, a move that will help the union government to achieve its carbon emission target in a given timeline. According to a survey, assuming the appropriate infrastructure is in place, a majority of car owners are willing to switch to EVs. Keeping the same in view, Evera is working round the clock to introduce as many fleets of EV cabs as possible in various parts of the country. And to make sure that our EVs are able to provide better services to our customers, partners and governments we have planned a network of EV charging stations across primary locations across India.”
Nimish Trivedi, Co-founder, Prakriti E-mobility
LIVE Updates | Indian Union Budget 2023-24 Expectations: Government can consider restoring Input Tax Credit (ITC) in the upcoming budget
Given the current GST structure, developers are unable to claim tax credits for GST paid on input items. The Government can consider restoring Input Tax Credit (ITC) in the upcoming budget. Capping GST at 1 percent for under-construction projects and reducing raw material costs can help encourage more people to buy affordable homes- Atul Monga, CEO, and Co-founder, of BASIC home loan
Live Blog Data LIVE Updates | Indian Union Budget 2023-24 Expectations: Manufacturing and Clean energy industry seeks policies that support infrastructure to realize global potential
The Indian government should emphasise policies that support infrastructure, the manufacturing industry, and clean energy, thereby enabling the nation to start realizing its global potential. It is critical that the government establishes the appropriate policy and fiscal framework. The forthcoming union budget is expected to keep and offer the best policies and government budget framework to guarantee the nation's economic growth, as well as a budget layout that really can stick up to growth rate of GDP expectations: Raghunandan Saraf, founder, and CEO of Saraf Furniture.
LIVE Updates | Indian Union Budget 2023-24 Expectations: MSMEs demand enhanced access to working capital
The primary expectation of the MSME Budget of 2023-24 is to get enhanced access to working capital. However, the Indian government is already looking forward to initiatives like restructuring the Credit Guarantee Scheme and full-fledged integration of Udyam, e-Shram, and National Career Service and ASEEM portals. It has also extended the non-tax benefits for MSMEs for up to 3 years. Alongside this, education in leveraging marketing and technology is pivotal for the growth of MSMEs and indispensable to making India self-reliant. The MSMEs are not only the highest job creators but also the highest taxpayers in the country. However, these small companies, which operate with the sentiment of survival, often face hardships when their working capital becomes stifled due to delayed payments and obstacles in the supply chain- Kumar Saurav, Global Mobile Business Head, AdCounty Media Pvt. Ltd.
Live Blog Data LIVE Updates | Indian Union Budget 2023-24 Expectations: Decriminalise GST law or allow nationalised banks to use accumulated GST credit as leverage
For some time, the government has discussed allowing nationalised banks to use accumulated GST credit as leverage. There is absolutely a no better opportunity to put this into effect and bring in liquidity now than before, considering the concerns of some other pandemic hindering humanity. Not only will this benefit SMEs and startups, however, it will also allow banks to deploy underused credit limits from the previous two budgets- Mr. Ashish Aggarwal, Director, Spacemantra.
LIVE Updates | Indian Union Budget 2023-24 Expectations: Service class people expects long-term benefits like medical healthcare, pension allowance, post-retirement benefits, and more services
In addition to that, the service class people can expect long-term benefits like medical healthcare, pension allowance, post-retirement, maternity benefits, etc. in the upcoming budget. Also, considering the fact that the Indian economy has begun to recover from the financial consequences of the pandemic crisis, the current government will concentrate on the main goal of planning a budget that encourages overall economic growth:Lokendra Singh Ranawat, CEO, WoodenStreet.
Start-ups seek tax relief incentives and startup founders committee for support of newcomers
Offer a tax relief incentive of 30 percent of the cost of equity shares set off against the angel investor's income tax obligation for the year in which the investment was made in order to expand the pool of angel investors for Indian businesses at the seed stage. Up to Rs 1 crore invested in shares may qualify for this relief, with a maximum tax savings of Rs 30 lakh. Additionally, a committee made up of startup founders should be established to provide a structured entrepreneurship and financial education curriculum for institutions that will support the future generation of business owners: Deepak Jain, Founder, The Fragrance People.
LIVE Updates | Indian Union Budget 2023-24 Expectations: Start-ups demand incentives for acquiring new skills
As the year 2022 has been identified as the beginning of a tech-bull market with an estimated 19,000 startups already recognized, we have great expectations from Union Budget 2023 to support and sustain this growth. Especially looking at the Indian edtech industry, which is on the verge of becoming a $30 billion industry in the coming decade, the budget is expected to build a conducive environment for the growth and development of the startup ecosystem in India. Measures like tax incentives, reduction in corporate tax rates and tax holidays will not only help in retaining more earnings for businesses but also encourage investments in research and development. Furthermore, the government's support in improving infrastructure and developing a skilled workforce will play a critical role in the success of startups in India, says Ankur Aggarwal, Group CEO, Veative Group
LIVE Updates | Indian Union Budget 2023-24 Expectations: Startups need constancy and clarification in policies to encourage investments
This funding winter came at a time when India became a serious contender to become the world's next startup capital. Now the question stands if the Budget of 2023-24 will offer a clarification on these policies to encourage investment in startups. Promoting entrepreneurship by funding startups which are high on growth potential, via Government programmes might also transform into a reality soon. Entrepreneurial education with the aim of improving employability through transfer of skill sets that are valued by the labour market might also be on the Government agenda.
For the startups in India, the winter chill arrived way too early when the startup funding hit an all-time low in the third quarter (July- September) of the last financial year. According to the PwC report, the startup funding in India was recorded to be $2.7 billion across 205 deals, which is the lowest in the last two financial years. This clearly reflects the increased selectivity in deal-making and an increasing focus on the profitability and growth of investments: Delphin Varghese, Co-Founder & Chief Business Officer, Adcounty Media.
LIVE Updates | Indian Union Budget 2023-24 Expectations: Govt should Start-ups to get listed on international bourses
The Indian start-up ecosystem is no more just a peripheral entity but is becoming the focal point of the overall India Inc. Today India is home to 3rd highest number of start-ups in the world after the USA & China. In the present Budget, it is important for the government to take prudent steps to help start-ups. There is a pressing need for a separate taxation system for start-ups which can be extended to PE players, VCs, etc. Likewise, the government should help Indian start-ups to get listed on international bourses as well. This will help them get access to easy and smooth capital inflow, says Tax reforms- Ridhima Kansal, Director, Rosemoore
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