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.
Here’s a wishlist from startup entrepreneurs from Nirmala Sitharaman in Budget 2020
Shrey Kumar, Co-founder, Aadvik Foods, camel milk brand
A lot of expectations from this year’s Budget. We would like the government to focus more on developing and easing the 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. Read More