Budget 2020: From simplification of tax-related compliances to easing credit facilities, startups hope for a ‘power’ package from Nirmala Sitharaman
The government is expected to provide tax incentives to startups in the forthcoming Budget to support the growth of budding entrepreneurs, sources said. The Department for Promotion of Industry and Internal Trade (DPIIT) has suggested several measures to the finance ministry for startups in the Budget, according to a PTI report. The recommendations include an extension of tax incentives to incubators supported under Atal Innovation Mission; reduction in GST (Goods and Services Tax) rates on AIF (alternate investment fund) management fees; and tax benefits on ESOPs, they said.
A lot of expectations from this year’s Budget. We would like the government to focus more on developing and easing credit facilities for small and medium businesses. A lot of schemes are already available but the processes must be made simpler and more efficient. The dairy industry directly affects the farmers’ income and livelihood. Export regulations for dairy products from India should be negotiated with the countries and Indian dairy companies should be allowed to export products to these countries. Steps to increase the purchasing power of the consumers will also be helpful in providing a necessary boost to the overall FMCG market. Read More