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Budget 2021 Highlights: What’s in it for startups

Finance Minister Nirmala Sitharaman offered the much-anticipated Union Budget 2021-22 on Monday, aimed toward boosting the pandemic-hit Indian financial system.

The primary price range of the last decade was additionally India’s first paperless price range, with the finance minister
replacing the Swadeshi ‘bahi khata’ with a Made in India pill. “The preparation of this Funds was undertaken in circumstances like by no means earlier than,” Sitharaman mentioned in the beginning of her practically two-hour budget speech.

One of many largest winners was the nation’s rising digital funds trade, which noticed an
allotment of Rs 1,500 crore for a new fund to additional speed up development and incentivise companies to supply digital funds.

This comes after the trade noticed
significant growth in 2020, as thousands and thousands of first-time clients and small companies adopted digital funds amid the pandemic.

A number of trade chiefs and consultants instructed ET that the brand new fund may very well be the a lot sought-after “compensation” for the losses incurred by the trade on account of the waiver of Service provider Low cost Charges (MDR) on UPI and RuPay that Sitharaman had introduced in her first price range in 2019.

One other key proposal is extending
social security benefits to gig and platform workers, which Sitharaman claimed is a worldwide first. The federal government plans to launch an internet site that can acquire info on gig and building employees amongst others, and assist formulate well being, housing, ability, insurance coverage, credit score, and meals schemes for them.

To incentivise startups, the federal government has proposed to
extend the eligibility for claiming tax holidays for startups by a yr to March 31, 2022. It has additionally proposed to increase the capital positive factors exemption for funding in startups by a yr to March 31, 2022, to spice up funding to those startups.

In one other vital transfer, the federal government plans to
increase the foreign direct investment (FDI) limit for the insurance coverage sector from 49% to 74%.

Apart from this, Sitharaman mentioned the federal government plans to
incentivise the incorporation of One Person Companies (OPCs) by permitting them to develop with none restrictions on paid-up capital and turnover, and convert into some other kind of firm at any time.

This is a fast have a look at the important thing tech and startup highlights of Budget 2021:

1. Startup funding eased by way of GIFT Metropolis-IFSC route

To assist worldwide funds relocate to India and avail tax exemptions, the price range proposed
new tax incentives for models beneath the Worldwide Monetary Providers Centre, or IFSC, at GIFT Metropolis Gandhinagar.

2. Rs 1,500 crore for the digital funds trade


The trade expects a
target-based subsidy for corporations deploying acceptance infrastructure in Tier III and past. Extra particulars are nevertheless awaited on how the fund can be operationalised.

3. Tax vacation for another yr

move may present a much-needed post-pandemic enhance to the upstarts.

4. One-person firms can be a factor now

On the playing cards is a
proposal to reduce the residency limit for an Indian citizen to arrange an OPC from 182 days to 120 days and permitting Non-Resident Indians (NRIs) to include OPCs in India.

5. India’s gig employees to get social safety


The federal government
has proposed to launch a portal to gather related info on gig employees to assist formulate social safety schemes for them — and the migrant employees inhabitants at massive.

6. Indian IT corporations set to achieve from Digital Census 2021, MCA 21 3.0

The federal government has
set aside more than Rs 3,000 crore for conducting the Digital Census 2021.

7. Fintech hub in GIFT Metropolis


The purpose is to “assist the event of a
world-class fintech hub” at GIFT Metropolis that’s designed to double up as a multi-service finance hub in Gujarat.

8. This is how startup founders, tech leaders reacted to Funds 2021

India’s startup founders and tech executives
gave a big thumbs up to Union Funds 2021.

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