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.
- 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.
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Source: Marketing Maverick, Economic Times