Tax relief for Indian Startup Wishlist : Budget 2022

Tax relief for Indian Startup Wishlist: Budget 2022

• Due to the ongoing pandemic, startups in our nation have encountered extraordinary obstacles in the previous 2 years. The most important part is funds dried up, many entrepreneurs suffered from multiple taxes and a lot of enterprises shut down.
• As the Union Budget for this year approaches all eyes are on Finance Minister Nirmala Sitharaman. Start-ups are searching for policy changes that will assist them to accelerate economic recovery from the pandemic’s long-term effects.
• Take a look at what they predict from the Union Budget for 2022-23:

• We are optimistic that the next Budget Union Budget 2022-23 will provide a much-needed boost to the economy.
• Many Indian start-ups fail due to a complex and unfriendly capital gains tax system, so we believe the government should look into assisting start-ups through policies and support mechanisms that encourage domestic capital participation, incentives to set up incubators in every state, tax exemptions on foreign direct investments, and a greater emphasis on start-up infrastructure development.
• That’s how Indian startups are viewing the Union Budget 2022, which includes long-awaited tax reforms, GST rate reductions, much-needed relief for the hotel and real-estate sectors, and flexible fintech legislation.
• A majority of businesses are also hopeful that Finance Minister Nirmala Sitharaman will bring good news to both employers and employees by writing a fresh chapter in the ESOP story.

Pre-budget wish list of some Indian startups

• New reforms, policy assistance and support mechanisms for establishing a focused approach in solving unmet financial needs through technology will significantly benefit the economy, they stressed.
• We’ve seen a substantial spike in the adoption of digital payments in the last one year. I’m hoping that in the upcoming Budget, the government will think of alternatives to the Zero MDR (merchant discount rate) policy, as that will help promote e-payments and drive significant digital adoption among businesses.
• The emphasis of this year’s Budget is likely to be on growth. The govt would develop a balanced budget that took into account both growth and revenue-generating potential.
• Given the present pandemic’s impact, the budget should prioritize general economic growth. earlier losses as a result of the pandemic which hit this sector particularly hard.
• Budget 2022 should place a strong emphasis on job creation across all industries to revive the stressed economy.
• The cryptocurrency market is also hoping that the government would make a major statement and unveil the cryptocurrency bill.
• All through the lockdown, private security guards, cleaning staff, and workers continued to work, putting their lives on the line to assist police, local administration, hospitals, grocery stores, e-commerce warehouses, and banks. It’s national pastime to show them little affection in the form of a budget.
• In the case of the hospitality industry, we hope that the government will provide interest-free loans, subsidies, and tax reductions to aid recovery and compensate for previous losses, as the pandemic hit this sector particularly hard.

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