11 Takeaways from the budget for the SMEs and Startup

After winning the elections,ย the Modi governmentย presented aUnion Budget that aims to boost investment in the economy. To this approach, the Finance Minister Mrs. Nirmalaย Sitharamanย announced few changes in the budgets for the MSMEs and start-ups to make India a$3 trillion economyย 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.
  • โ€˜Stand Up Indiaโ€™ 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 atย Zimyoย work on creating an automated software system to smoother theย HRย functions of a business, SMEs, andย startups. A comprehensive platform with end-to-end integration of modules, facilitating employees, HR teams, and the management for superior productivity.

Letโ€™s connect to help you understand more about HR andย Payroll Software Solutions.

Source:ย Marketing Maverick, Economic Times

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Also Read: Role of Human Resources in SMEs: The One Who takes the Lead in Helping Businesses Mind their Business

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