More Startups, which will get incorporated this year (till 31-Mar-23), will also get Tax Holiday for any three consecutive years since incorporation, earlier it was for the companies who got incorporated till 31-Mar-2022.
The Finance Minister Nirmala Sitharaman on Tuesday unveiled the budget for fiscal 2022-23. The budget reflected a positive for the startups, MSME, Artificial Intelligence (AI), Digitization, FinTechs, Digital Payments, Drones, EV (interoperability standards for batteries swapping), Crypto, and 5G. More Startups, which will get incorporated this year (till 31-Mar-23), will also get Tax Holiday for any three consecutive years since incorporation, earlier it was for the companies who got incorporated till 31-Mar-2022.
“Overall, it is a great and progressive budget to improve Entrepreneurship, Startups, Tech, Digitization. Now young entrepreneurs can initiate their business ideas and strategies with the help of government and the ecosystem, our nation can turn around to be a superpower in the next 25 years with this inclusive governance” said Ankush Sabharwal, founder, CoRover.
As per the budget 400 new generation Vande Bharat trains with higher efficiency will be introduced in the next 3 years. Ankush added, “this further provides CoRover an opportunity to work with IRCTC and Indian Railways in AI to significantly enhance the user experience, provide ease of ticket booking, and a customer support experience second to none.”
Additionally, the finance minister said that the start-ups would be assisted to pave the way for ‘Drone Shakti’ through various applications and a drone subscription service. Digital University has also been announced. RBI led Digital Currency using blockchain will be introduced by FY 23.
Instead of providing jobs directly the government is now funding and creating an ecosystem with DPIIT/Startup India. The startups can set up, sustain and grow while competing in the big league, as start-ups get exemption on prior turnover in RFPs. Instead of seeking a few jobs, the nation can now provide a livelihood to many. The startup status will be valid up to 10 years from the date of incorporation.
https://www.financialexpress.com/budget/budget-2022-will-improve-entrepreneurship-startups-and-digitization-ankush-sabharwal-founder-corover/2425068/
