The budget is just round the corner. The IT sector has a lot of expectations from the upcoming budget and is keeping their fingers crossed. But, what exactly are the IT honchos expecting from the budget?
We asked Rajinder Gandotra, Co-Founder & CEO of Avekshaa Technologies a niche —- P-A-S-S platform based solution provider and he shares some interesting insights with us. Take a look.
End Start-up tax:
I believe that greater innovation is happening at the fringes with the start-up companies who are disrupting the current models, creating jobs and contributing to the growth of the country. They need to be encouraged and supported to take risk which come bundled for a start-ups. I urge the government to encourage entrepreneurs to invest in India rather than opting for foreign lands, by suitably amending the investment related tax laws. Provide a tax holiday for the initial 8-10 yearsand special monetary incentives for the start-ups which would act as a backbone of innovation and growth of IT. The government should look at considering ‘Cash Grants’ policy followed by Singapore gov’t to encourage aspiring entrepreneurs and start-ups.
Clarity on taxation system and simplify tax regulations:
Lack of clarity in the taxation system is hindrance for doing business in India and stringent & unnecessary compliance acts as a barrier for the growth which needs immediate attention to simplify the tax regime. There is an urgent need of an entrepreneur-friendly legal framework in India.
To enable ‘Digital India’; promote IT infrastructure:
IT infrastructure needs a push and promotion for the use of advanced technologies to fulfil the dream of Digital India. The government has to nurture and develop a strong infrastructure nationwide to facilitate the digital reach across the country.
Implementable roadmap for VC assistance:
The Government infused a 10,000 crore stimulus for early stage start-up ventures in the last fiscal, the next budget should have clear implementation roadmap so that these funds can be suitably deployed. This is critical to infuse the required risk capital which is a backbone for supporting entrepreneurship.