Union Budget 2017 aims to provide a huge boost to the country’s digital payment revolution. It also introduces a 5 percent tax redemption to companies with annual turnover of less than Rs 50 Lakhs.
"The government's move to enable startups, incorporated after 31 March 2016, avail of a three-year tax holiday in their first seven years is quite commendable. We also welcome the new relaxations provided in terms of carrying forward the losses. The government's efforts to digitise India and promote digital payments should go a long way in boosting the country's economic growth." says Mayank Bhangadia, CEO and Cofounder, Roposo.
"However, the 5 percent corporate tax reduction is not relevant to most startups that have not yet begun generating as much revenue. Government should now start thinking about how to reduce startups' real cost in the early years. In my opinion, income tax slabs should be made completely flat. Tax rates should not increase with increasing income" he adds.Also read: Union Budget 2017: Big Boost For Digital Payments
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