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Budget Expectations: Startups Urge for Tax Reforms and Business Ease

The country’s budget is going to be presented on 1 February. Nirmala Sitharaman will present this budget, which will be vote on account. Elections are to be held in May so the expectations from this budget are very low, but still the startup sector wants that there should be something special for them in this budget. This is because the startup ecosystem in the country is growing rapidly and the government also wants to promote it a lot. At present, the number of registered startups in India has exceeded 1.18 lakh. Let us know what the startup ecosystem expects from this time’s budget.

Akash Sinha, founder of Omnipresent Robot Technologies, said that the small industry has always been demanding that GST should be implemented at the time of payment and not at the time of invoicing. Drones and space are two segments in the aerospace industry. Both are very hi-tech technologies. For both, support is needed from the government, which is also being received. The government has given PLI incentive for 3 years, it is expected that the government will extend it again for 3 years. Drones used in agriculture are heavily dependent on government subsidies. The government should continue it for the next few years, so that the farmers can benefit and can buy it.

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Anubhav Dubey, founder of Chai Sutta Bar, says that the government should do tax reform. He wants that the tax exemption of Rs 2.5 lakh in income tax should be reduced to at least Rs 5 lakh. This will provide great relief to employed people. People will have more money left, which will increase demand and boost the economy. Also the reason is that there is a need to make doing business more easy. The government should provide financial support to small businesses, so that more and more youth get inspired for startups and move forward. Besides, the government also needs to reform GST. There should be changes in its slab.

Vibaantta Global Pvt Ltd regarding the budget of 2024. Director Paras Sachdev says that he expects change in all areas. For the last two years, the government has imposed some restrictions on agro commodities, due to which businesses are losing revenue. Paras demands that this time the government will pay attention to this and take some steps, so that the business does not suffer losses. Paras says that this is the loss which is being incurred due to the revenue coming from abroad, which has now stopped.

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Zetwerk co-founder and CEO Amrit Acharya, while talking about the expectations from the budget this time, says that right now something special is happening in the industry of our country, there is huge support from the government and there are opportunities as well. At present we do not want to see this opportunity limited to ‘Make in India’. Our thinking is that this time and opportunity should be utilized fully, so that more industries get opportunities and grow. We believe that the country should have a 25-year plan in which research and developments (R&D), clean technology and skills development on a large scale are taken care of. We want everyone, big and new manufacturers, to come forward together and make this mission India’s mission.

Washcraft Co-Founder Shilpi Gupta said that in the upcoming budget we envision a transformative scenario for women entrepreneurs, especially in the laundry industry. We hope for a Budget that not only recognizes the important role of women, but also helps empower anyone who wants to do business. Laundry is a redundant but everyday necessity for every household. 18% GST is an unusual burden for a new startup, as no customer wants to pay GST separately. Whereas local dry cleaners dominate 95% of the market and do not have to maintain any documents, hence there is no pressure of GST on them. The budget should lay the foundation for the laundry industry sector, where women entrepreneurs are coming forward.

Amit Parasuramka, CEO of Bonito Designs, says that along with the increasing demand for real estate across the country, the Indian interior design industry has also seen significant growth. With the upcoming interim Union Budget, we take an optimistic view that this budget will have a positive impact on the home interiors and real estate market. We look forward to policies that promote affordable housing initiatives and low home loan rates. Raising quality standards for affordable housing opens up avenues for homeowners to introduce innovations such as adopting eco-friendly materials in their homes. As stakeholders in the home interiors market, we eagerly await a Budget that not only addresses the current economic challenges, but also lays the foundation for a resilient and prosperous future for the sector.

Abhishek Raj, Founder and CEO of Jenika Ventures, says that we are eagerly waiting for the wave of change that will come in this year’s budget. In the upcoming budget, we are expecting government proposals that create a favorable environment for investors. Favorable policies designed to attract and retain investors will play an important role in furthering the growth of startups, especially in the real estate industry. We advocate policies that not only streamline processes, but also provide real benefits to investors, creating a mutually beneficial ecosystem.

Samudragupta Talukdar, CEO and Founder of Relata, says that over the last few years, housing schemes like PM Awas Yojana have ensured that more and more citizens get a roof over their heads. We hope that such affordable housing schemes will be expanded to further strategic locations and areas in the upcoming budget. This could happen just as CIDCO is planning more than 67,000 houses under both PMAY and non-PMAY schemes. The second major expectation from the Union Budget is to focus on enhancing infrastructure to open up new markets and connect new sectors to bring momentum. With some industry leaders indicating that around 45% of today’s home prices are going to taxes and levies, there is an urgent need for tax incentives in real estate, especially GST on raw materials, land acquisition and inventory sales. About. The upcoming Budget should also focus on expanding the framework and implementation of next generation concepts like Real Estate Investment Trusts (REITs) and fractional ownership.

Nikhil Kapoor, co-founder of Atmantan Wellness Center, says that this is an interim budget as there are elections in May, so however we are not expecting any major announcement. However, when a person visits AYUSH-accredited wellness centers or subscribes to online health plans, they should be rewarded for their investment in health with lower insurance premiums, LTA benefits, etc. If this is provided then it will help the welfare industry to get more favorable financial lending terms and longer period for repayment. As sustainable travel is gaining momentum, and it is the need of the hour, the government can incentivize hotel and resort properties and encourage them to achieve higher certifications like LEED etc.

Simranjeet Singh, Director, CYK Hospitalities, says, “As restaurant owners, we are looking forward to a focus on important aspects impacting our industry. Currently, higher GST on raw materials is causing challenges, which is Benefits are becoming limited. We are hoping to change these, to make it more conducive to growth. To streamline the complex process of obtaining licenses for bars and restaurants. To promote a business-friendly environment Additionally, the restoration of the Input Tax Credit (ITC) system will be an important step in supporting the sustainability and prosperity of the restaurant sector.

VRO Hospitality Co-Founder Don Thomas says that with demand in the hospitality sector at an all-time high, we are expecting change in the coming years. The upcoming budget holds the key to opening the doors of innovation and progress. As leaders in these industries, we look at the Budget with optimism. We look forward to policies that encourage investment in cutting-edge technologies to enhance hospitality experiences and advance healthcare services in our region.

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