After winning the elections, the Modi government presented a Union Budget that aims to boost investment in the economy. To this approach, the Finance Minister Mrs. Nirmala Sitharaman announced few changes in the budgets for the MSMEs and start-ups to make India a $3 trillion economy this year.

Budget Highlights:

  • Easing angel tax proposed for startups.
  • No scrutiny required for Angel Tax from the I-T department for a startup.
  • To establish investor identity and source of funds for startups through E-verification mechanism
  • 2% interest subvention for GST-registered MSME on fresh or incremental loans.
  • ‘Stand Up India’ Scheme to continue till 2025.
  • New television channel for start-ups.
  • Pension benefit extended to retail traders with annual turnover less than Rs 1.5 crore.
  • New payment platform for MSMEs to be created.
  • Public sector banks to be provided Rs. 70,000 of capital
  • Government proposes steps to remove angel tax woes of startups and relaxation from income tax scrutiny
  • A television program on Doordarshan dedicated to startups.
  • 80 livelihood business incubators and 20 technology incubators to be set up in 2019-20 under ASPIRE to develop 75,000 skilled entrepreneurs in the agro-rural industries.

 

We at Zimyo work on creating an automated software system to smoother the HR functions of a business, SMEs, and startups. A comprehensive platform with end-to-end integration of modules, facilitating employees, HR teams, and the management for superior productivity.

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Source: Marketing Maverick, Economic Times