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Budget 2024 Expectations Highlights: Startups eye angel tax relief and health tech boost in Budget
17 Jul 2024 | 10:30:29 AM IST
Union Budget 2024 Highlights: Indian startups are eagerly anticipating this year's Union Budget. Startups are particularly hopeful for the elimination of angel taxes, while those in the health tech sector are looking forward to increased funding. Startups play a vital role in driving economic growth by creating new jobs, generating innovative ideas, and developing new products and services.
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'In anticipation of the upcoming budget, the fintech industry is hopeful for policies to drive innovation and digital transformation across India. Historically, budget allocations have prioritized key sectors such as agriculture, auto, and MSMEs. Building on this foundation, fintech companies are urging the government to introduce schemes and incentives that support their expansion into underserved sectors to enhance financial inclusivity. The government can help create innovative solutions while maintaining financial stability by fostering collaborations between fintech and traditional institutions.The government must address foundational issues that impact the broader economy and continue efforts to formalize informal employment. Initiatives such as the Karnataka Platform-Based Gig Workers (Social Security and Welfare) Bill, 2024, which aims to provide social security for gig workers, are commendable. More such legislation can help establish a formal financial structure, making formal financial services more accessible. Reforms concerning cooperative banks should be emphasized, and policies should be introduced to enable fintech's contribution to the ecosystem's growth. The Ministry of Cooperation should engage formally with fintechs to promote the digitalization of banking services.Optimizing the tax structure to empower the middle class and drive consumption will greatly benefit the fintech industry. Maintaining UPI as a free service, with no MDR on payment instruments, is essential. Additionally, fintech companies should have easier access to incentives through a more transparent process.It is commendable that the government acknowledges the industry's maturity and the reduced need for stringent oversight of minor infractions. However, similar to the support provided for MSME growth, initiatives should be introduced to allow fintech companies to participate in government tenders and access financial opportunities currently exclusive to banks. Integrating fintech into the government's larger initiatives is crucial for fostering innovation and economic growth. For example, the NABARD assists the government, the Reserve Bank of India, and other organizations in rural development and offers training and research facilities for banks, cooperatives, and organizations working in this field. Allowing fintech companies to directly leverage NABARD's opportunities would benefit the overall economy. By accessing NABARD's resources, fintechs could develop tailored solutions for rural financial needs, enhancing financial inclusion and driving economic growth in underserved areas. This integration would support a more robust and inclusive financial ecosystem nationwide.'
- Kunal Jhunjhunwala, founder, Airpay Payment Solutions
Budget 2024 Expectations Live: What urban infrastructure sector expects
Nikhil Sikri, CEO and Co-founder of Zolostays said, "India provides a thriving ground for a shared economy, driven by its favorable socio-economic landscape. As co-living continues to redefine urban living, we look to the newly instated government to offer financial incentives, and invest in urban infrastructure that supports the growth of co-living spaces. We anticipate streamlined policies, tax benefits, and funding opportunities to foster investment in this sector. We urge that the government should prioritize the formalization of the PG and co-living sector, bringing both organized and unorganized players under the ambit of GST, direct taxes, and comprehensive regulations. At present, only organized entities are subjected to these laws, resulting in significant cost disparities and diminishing the competitive intensity for compliant businesses. By formalizing this sector, the government can ensure a level playing field, promote fairness, and foster a more robust competitive environment, ultimately benefiting the industry as a whole. With such reforms, the government can bolster the legitimacy of the co-living industry in the country. Additionally, integrating co-living into smart city planning and supporting sustainable practices will ensure broader accessibility. With the right support, our industry can significantly contribute to addressing housing affordability and promoting innovative, community-centric living solutions. Furthermore, the evolving digital economy, rapid urbanization, and the changing mindset of India's growing millennial population will ensure that the shared economy is poised for an exciting growth story."
"As we approach the upcoming budget, it is crucial to prioritize the growth of digital payments through enhanced security measures and the establishment of a fraud data consortium. With the rapid expansion of digital payments, substantial resources must be allocated to fortify security infrastructure, ensuring that consumers and businesses can engage in transactions with confidence. The creation of a fraud data consortium would enable financial institutions and payment service providers to share information about fraudulent activities, fostering a collaborative effort to combat fraud."
- Suresh Rajagopalan, CEO- Wibmo
Budget 2024 Expectations Live: Space industry demands tax holidays, PLI scheme
Budget 2024 Expectations Live: Import holidays, GST exemption for components of launch vehicles, productivity-linked incentives (PLI) and government stepping in as a customer are some of the expectations of the private space sector from Finance Minister Nirmala Sitharaman as she presents the Union Budget next week. "More money for space related acquisitions, tax holidays, import holidays, and PLI scheme for space," Pixxel Space co-founder and CEO Awais Ahmed told PTI when asked about his wishlist for the budget.
Budget 2024 Expectations Live: IT sector's key recommendations include enhancing export incentives
Budget 2024 Expectations Live: “As we envision 'Viksit Bharat' by 2047, marking 100 years of independence, India aims to become a developed nation through comprehensive socio-economic reforms. Central to this vision is the focus on manufacturing, with special emphasis on sunrise sectors such as machine learning, artificial intelligence, and renewable energy. For IT Industry, The Global Capability Centers (GCCs) are playing a pivotal role," said Srividya Kannan, Founder and CEO, Avaali Solutions. "To achieve these ambitious goals, key recommendations for the Union Budget 2024 include enhancing export incentives, developing tier 2 locations, extending GIFT City benefits, fostering innovation, advancing skill development, revising safe harbor rules, and improving infrastructure and GST policies. Prioritizing cybersecurity, hyper-scale computing, and AI will position India as a preferred destination for IT staffing and sourcing solutions. Affordable data rates and strategic partnerships with global firms will enhance India's appeal as an IT hub. Achieving equilibrium between input and output costs and fostering a human-centered culture are essential. The journey towards 'Viksit Bharat' by 2047 is both ambitious and achievable. With strategic focus and comprehensive reforms, India is poised to emerge as a global leader in various sectors, creating a prosperous future for all its citizens,” she added.
Budget 2024 Expectations Live: EV industry's expectations from the coming budget
Budget 2024 Expectations Live: "As we approach the budget 2024-25, the EV industry is eagerly anticipating several key measures to drive growth and adoption. Increased subsidies will make electric vehicles more affordable for a broader range of consumers, fostering widespread adoption. Expanding the network of charging stations, especially those powered by renewable energy, is essential for supporting the EV infrastructure and addressing range anxiety. Reducing the GST on batteries and components will lower costs, making electric vehicles more accessible to the masses. Simplifying financing options for EV purchases will further encourage adoption by easing the financial burden on consumers. Promoting fleet electrification can significantly cut emissions and showcase the viability of electric vehicles for commercial use. Export incentives will help Indian EV manufacturers compete globally and expand their market reach. Additionally, skill development programs are vital for building a knowledgeable workforce to support this growing industry. Enhanced R&D grants and support for innovation in EV technology will ensure India remains at the forefront of the global EV revolution. We believe these measures will collectively propel the EV sector towards a sustainable and prosperous future," said Mr. Kunal Arya, Co-Founder & Managing Director, ZELIO Ebikes.
Budget 2024 Expectations Live: Will the government reduce GST rate on employment services?
Lohit Bhatia, President, Indian Staffing Federation said, "As the Indian Staffing Federation, our pre-budget suggestion as deliberated by the government, is to urge the government to reduce the GST rate to 5% for employment services, employment-based services should be “Merit Services”. There is also a pressing need to formalize domestic workers' employment by incentivizing household owners to register them under Social Security schemes like PF and ESIC. As we strive to drive formal employment and skilling growth, it's imperative we take a multi-faceted approach that covers everyone in the employment environment including the women workforce. Hence, we expect the new budget to also revise the 80JJAA scheme; an initiative designed to spur employers to create more jobs incrementally, as that has not been revised in the past 10 years. This scheme can embolden more employers to reintegrate women into the workforce especially returning women to work. The budget should also consider the proposal to launch the Job Ready Skilling Yojana program, workforce which can be converted to formal employment after skilling. Another key challenge observed in the current employment scene pertains to the fact that firms located in different states in India face different and often confused regulatory environments due to the entitlement of both central and state governments to legislate on labor issues. Therefore, we expect the new budget to take into its purview the urgent need to implement the Four Labour Codes to formalize employment for 40 crore informal workers, providing them with job security and social benefits. We believe these measures will drive formal employment, skilling growth, and women's participation in the workforce, aligning with the government's vision for a more inclusive and formal economy."
Budget 2024 Expectations Live: Renewable energy sector requires 'strong policy support'
Rakesh Jha, Partner, Energy Sector Solutions, Sustainability and ESG, BDO India said, "India aims to install 500 GW of renewable energy projects by 2030. Currently, we are at approximately 194 GW, so achieving this ambitious target will require strong policy support and a proactive government push. Continuation of effective policies, such as the waiver of Inter State Transmission System (ISTS) charges and zero customs duty on ingots and other materials for solar module production, is crucial. With more intermittent renewable energy in the grid, the budget should support storage solutions to address green power unavailability during peak times. Implementing a storage obligation and reducing duties on batteries, along with other fiscal incentives, will help lower storage costs and enhance grid resilience.
"In the area of green hydrogen, the Strategic Interventions for Green Hydrogen Transition (SIGHT) program is progressing well, with projects being awarded to successful bidders for electrolyser manufacturing and green hydrogen production facilities. However, as the sector is still evolving and current costs are a major deterrent, the budget can promote offtakes by providing incentives or viability gap funding. Additionally, the budget should focus on infrastructure development for the entire green hydrogen value chain, including pipeline networks to facilitate offtakes."
"In the area of green hydrogen, the Strategic Interventions for Green Hydrogen Transition (SIGHT) program is progressing well, with projects being awarded to successful bidders for electrolyser manufacturing and green hydrogen production facilities. However, as the sector is still evolving and current costs are a major deterrent, the budget can promote offtakes by providing incentives or viability gap funding. Additionally, the budget should focus on infrastructure development for the entire green hydrogen value chain, including pipeline networks to facilitate offtakes."
Budget 2024 Expectations Live: "Hope there will be some progress towards the Direct Tax Code"
Sandeep Agrawal, Director and Co-Founder of Teamlease Regtech said, "We already saw some major changes to the tax structure in the 2023 budget. As such, there might not be any major changes to it in the pipeline. However, we can expect announcements that enhance EoDB and consolidate the tax system while ensuring stability. I also hope there will be some progress towards the Direct Tax Code. The implementation of GST has reformed the indirect taxation system, and we can expect the Direct Tax Code to lower the tax burden and simplify the tax structure similarly.The Government can enhance the limits for each slab in the new tax regime in the upcoming budget to reduce tax liabilities for the middle class. Increasing the rebate limit in the 2024 budget will be a logical choice in getting taxpayers to switch to the new regime. These changes enhance disposable income and significantly boost their spending power."
Budget 2024 Expectations Live: India's budget must prioritize cybersecurity enhancement:Ruchin Kumar
Budget 2024 Expectations Live Updates: "As India prepares for the upcoming general budget, key measures to bolster cybersecurity over the next five years are set to be prioritized. Amidst the nation's rapid digitalization, particularly through initiatives like the UPI payment interface, safeguarding a largely non-tech-savvy population from evolving cyber threats to financial and personal data is essential.The budget should allocate funds to develop and strengthen cybersecurity frameworks across various sectors, including healthcare, BFSI, and critical infrastructure. Furthermore, it is recommended to implement industry-specific security protocols to provide customized protection for each sector," said Ruchin Kumar, VP - South Asia, Futurex.
Budget 2024 Expectations Live: Healthcare sectors awaits increased budgetary allocations
Budget 2024 Expectations Live Updates: "Stakeholders advocate for increased budgetary allocations to healthcare, aiming for 2.5-3% of GDP to ensure comprehensive service coverage. The industry suggests enhanced budget allocations and increased private sector involvement in the Ayushman Bharat Scheme through public-private partnerships (PPPs). They propose tax reforms, such as zero percent rates for Input Tax Credit, to reduce healthcare expenses, " said Jeetu Bairathi, Partner, Financial Due Diligence, BDO India.
Budget 2024 Expectations Live: Shemaroo's Hiren Gada shares expectations
Budget 2024 Expectations Live Updates: Hiren Gada, WTD & CEO, Shemaroo Entertainment Limited, said, "The growth of the media and entertainment industry relies on consumers' ability to spend on leisure and entertainment. To increase disposable income, focusing on boosting employment through nationwide programs and reducing the tax burden to enhance discretionary spending are essential. Additionally, incentives for emerging industries, favorable tax policies, and support for tech and R&D can sustain a healthy start-up ecosystem.""Looking ahead to the Union Budget 2024-2025, we anticipate a budget that not only sustains our growth but propels us towards new horizons. The allocation of funds and providing financial incentives to stimulate research and development in technology, especially artificial intelligence, for the media and entertainment sector will be beneficial. This could include grants, tax credits, and subsidies for businesses engaged in innovative tech solutions," he added.
Budget 2024 Expectations Live: A call to focus on 'underfunded sectors'
Budget 2024 Expectations Live Updates: “As we look ahead, the importance of directing substantial resources towards resilient community-based solutions cannot be overstated. The forthcoming budget is a critical moment for private philanthropy in India to step up and become more strategic, prioritizing underfunded sectors such as mental health, gender equity, disability support, climate action, and animal welfare. Strengthening partnerships with the government and civil society will be key to supporting those at the margins," said Neera Nundy, Co-Founder of Dasra.
Budget 2024 Expectations Live: A demand from EV industry
Budget 2024 Expectations Live Updates: Chakravarthi C. Managing Director, Quantum Energy, said that he is optimistic about the upcoming budget and anticipate favorable announcements and clear policy implementation. "We look forward to targeted incentives, like FAME 3.0, which could make electric two-wheelers more affordable for everyday commuters, thereby expanding our market presence. Additionally, reducing GST on EVs and offering higher purchase subsidies could remarkably boost consumer adoption. As an industry player, we anticipate more support for local battery production and innovation, which are critical for the sustainability and cost-effectiveness of EVs. Increased backing for the ‘Make in India’ initiative and the localized manufacturing of our electric two-wheelers could enable Indian EV manufacturers like us to create more efficient and sustainable mobility solutions that can compete with international brands and are accessible to a broader consumer segment," he said.
Budget 2024 Expectations Live: Mave Health's Dhawal Jain on budget expectations for health sector
Budget 2024 Expectations Live Updates: Dhawal Jain, Co Founder of Mave Health, revealed his expectations from the budget this time around. Jain said, "As a leading mental health company, Mave Health eagerly anticipates the Union Budget 2024-25. We hope for an increased allocation of funds towards healthcare, particularly mental health initiatives, to enable greater access to quality mental health training and services across the country. Currently, India spends approximately 2% of its GDP on healthcare, which is significantly lower compared to developed countries that allocate around 10-17%. This disparity underscores the urgent need for enhanced funding and resources in the Indian healthcare sector, especially in mental health.""Increased funding will help bridge the gap in mental health services, allowing for the expansion of accessible, affordable, and high-quality care for all individuals, regardless of their socioeconomic status. We believe that a well-funded mental health sector can lead to improved diagnosis, treatment, and support for those suffering from mental health conditions. This, in turn, will reduce the stigma associated with mental health issues and encourage more individuals to seek help," he added.
Budget 2024 Expectations Live: Union Budget should be focused on adding higher disposable incomes, says Simpl CEO
Budget 2024 Expectations Live Updates: "This Union Budget should be focused on adding higher disposable incomes in the hands of consumers, driving consumption and reducing the cost of operations for businesses. Additionally, it should help create a level playing field for homegrown brands through simpler financing options, offering a boost to their manufacturing capabilities by providing sops to establish units within specialised manufacturing zones and further simplify the ease of doing business. These interventions, if applied, will help strengthen the fast growing internet commerce sector in India, which includes e-commerce and quick commerce, and have a ripple effect on private investments, employment generation and increase the sector's contribution to the country's GDP” said Nitya Sharma, Founder and CEO, Simpl.
Budget 2024 Expectations Live: A tax-related change likely?
Budget 2024 Expectations Live Updates: KPMG, while listing out its budget expectations, said, "With the objective to have more net disposable income which can either be spent on consumer goods or channelised as savings, it is a popular expectation that the basic tax exemption limit under the default new tax regime be increased to INR5 lakhs from INR3 lakhs."
Budget 2024 Expectations Live Updates: A push to 'Make in India' this time around?
Budget 2024 Expectations Live: "With the new Modi 3.0 government at the helm, the upcoming budget for 2024-25 is expected to reinforce India's economic priorities, acknowledging that our journey of progress can leapfrog only if foundations are reinforced. The primary goal is to boost our global economic standing through strategic initiatives like the Make in India campaign, PLI scheme, Skill India Mission, and Digital India program. This includes strengthening domestic industries across manufacturing, tech, start-ups, services, and sunrise sectors and bolstering productive capacities by investing in capability building such as human capital, infrastructure, and education. However, we expect the government to focus not just on job creation but also on addressing skill gaps faced by industries, with intensified hiring expected amidst projected GDP growth exceeding 7%. The budget is expected to prioritize skill development and expand apprenticeship programs crucial for building a highly skilled workforce capable of advanced manufacturing and tech adoptions," said Ramesh Alluri Reddy, CEO at TeamLease Degree Apprenticeship.
Budget 2024 Expectations Live Updates: KPMG expects Sitharaman to provide impetus to housing sector
Budget 2024 Expectations Live: In line with the objective of the government of housing for all, it is widely expected that the government may consider some tax sops for the housing and funding cost for the middle and low income earners, said KPMG. "In the context of a self-occupied property, the new default tax regime disallows any deduction for interest on housing loans. Conversely, the old tax regime permits a deduction of up to only INR2 lakhs. This distinction is crucial as buying a home and securing a loan for self-occupation are substantial financial commitments, often spanning long periods. With recent hikes in interest rates and regulatory reforms there is mounting pressure on the real estate sector. To alleviate these challenges and foster home ownership, it is suggested that the government may reconsider allowing deductions for interest on self-occupied housing loans even under the new default tax regime or enhancing the deduction in the old tax regime to atleast INR3 lakhs," it added.
Budget 2024 Expectations Live Updates: Godrej Capital's CEO on upcoming budget
Budget 2024 Expectations Live: Manish Shah, Godrej Capital's CEO said, "The government has maintained a pro-MSME stance from a policy perspective, and there is anticipation for further encouragement in the upcoming Union Budget 2024. The budget is expected to strengthen initiatives that will further set the Indian economy on a path of steady growth. For the MSME sector, key focus areas may include fostering a favourable business environment to enhance the 'ease of doing business.' Some of these areas include facilitation of credit, streamlined GST processes, and regulatory changes. Furthermore, relaxed taxation policies that encourage entrepreneurship and innovation, along with incentives to drive R&D investments, would also be welcome."
Budget 2024 Expectations Live Updates: Income disparity and inflation- two key areas, says Mohit Khanna, Fund Manager at Purnartha One Strategy
Budget 2024 Expectations Live: Mohit Khanna, Fund Manager at Purnartha One Strategy, lauded government and said that it has done "an excellent job" in recent years in ironing out supply-side issues in the economy. He further said, "A little focus on the demand-side will add more value in the current situation, in my opinion.""The govt. has two primary issues to address – income disparity and inflation. A step to address both these issues will help demand creation. The RBI’s bonanza payout of Rs. 2.11 lakh crore to the government is more than enough to take care of any populist measure that the Govt. wants to undertake it," he further added." However, if the FM chooses to re-distribute a part of the interim budget spending allocations in favour of welfare spending and use RBI’s payout to lower fiscal deficit target even more, then it could be a shot-in-the-arm for the economy. This will mitigate potential increase in inflation (due to welfare spending) with lower fiscal deficit – a well-balanced fiscal policy!" said Khanna.
Budget 2024 Expectations Live: Manufacturing sector demands more focus
Budget 2024 Expectations Live Updates: Ratan Singh Sehgal, Managing Director, Hybon Elevators and Escalators Pvt. Ltd, said, "The government should focus on key areas that will promote economic growth and sustainable development across the country in advance of the next union budget. In order to modernize public spaces and urban areas, large infrastructure investments are required. This will address fundamental deficiencies and increase demand for technology in important industries.""Micro, Small, and Medium-Sized Enterprises (MSMEs) require support. The government provides financial incentives, subsidies, and support for technology improvements to MSMEs, enabling them to increase productivity, access a wider audience, and promote innovation. Developing the MSME sector strengthens supply chains that are essential to many industries, including manufacturing and infrastructure, and increases economic activity," he added.
Budget 2024 Expectations Live: Budget to focus on employment, infra and innovation?
Budget 2024 Expectations Live Updates: Gaurav Jalan, Founder & CEO, mPokket, said, "Following from the Interim Budget earlier this year and the challenges of the economy in the recent past, the upcoming full budget is expected to focus on employment, infrastructure and innovation. We expect the government to double down on initiatives relating to upskilling of youth to improve employability. Alongside this, increasing jobs is expected to be the core government agenda. We expect this to be through a dual approach of easing credit access to small and medium businesses to catalyse their growth and through incentives on research and investments from the private sector. We expect the government to also focus on the disposable income of the middle class by revisiting direct taxation rates. This shall drive a sustained domestic consumption-led growth for the economy. Additionally, we believe the government shall continue to view positively the contribution of fintechs as a key driver of easy access to credit and their potential to create employment. We therefore expect a favourable approach to investments in the sector and clarity on the open regulatory discussions to propel India towards becoming a global fintech hub."
Budget 2024 Expectations Live: FMCG sector anticipates critical measures from Sitharaman's Budget
Budget 2024 Expectations Live Updates: Joy Personal Care co-founder and chairman Sunil Agarwal said, “As the interim budget announcement approaches, the FMCG sector anticipates several critical measures to stimulate growth and consumer spending. Key expectations include a reduction in income tax slabs to boost consumer purchasing power, improved access to credit for businesses, and significant GST reforms to lower costs on branded food products. The FMCG sector's remarkable adaptability to changing consumer behavior has been evident for years. While the upcoming budget is expected to prioritize education, employment, and healthcare, it is essential for other industries to receive a boost as well. Maintaining fiscal responsibility is crucial in this uncertain global environment, but addressing high GST rates on essential FMCG products and enhancing infrastructure development will be vital for long-term growth. Looking ahead, increased government spending and consumer-centric policies like tax reduction offer a promising path for market revival. Throughout the past year, our focus has been on strengthening our distribution channels, ensuring our presence across platforms, and being accessible to our customers.""There also has been a significant increase in demand for natural products and immunity-boosting products with natural ingredients, both for personal use and household well-being. We have always had a product portfolio of natural ingredients and ventured into personal hygiene products last year. We see this trend continuing this year and the years ahead. All in all, we look forward to carrying on with the momentum and achieving sustained revival across categories this financial year too," said Agarwal.
Union Budget 2024 Live Updates: Sitharaman holds meet with Oil Minister, initiates process to bring natural gas & ATF under GST, reports ET NOW
Union Budget 2024 Live Updates: What childcare industry wants from Sitharaman
Union Budget 2024 Live Updates: "Childcare, being a vital cog for women's participation in the workforce, requires multiple benefitsfrom a tax perspective, such as lowering GST on childcare to 5% and allowing childcare expenses tobe tax deductible. We hope for policies that support affordable childcare, improved educationalfacilities, and initiatives that close the skill gap, ensuring a robust foundation for India's economicgrowth. These measures will not only foster greater employment opportunities but also contributeto the holistic development of our young population, essential for achieving a USD 5 trillioneconomy," said Raj Singhal, CEO, Footprints Childcare.
Union Budget 2024 Live Updates: Focus on workforce development and job creation for MSMEs
Union Budget 2024 Live News Updates: Mukul Goyal, Co-Founder of Stratefix Consulting said, "We anticipate that the Union Budget 2024 will introduce significant initiatives to assist workforce development and job creation for MSMEs in India. One crucial area is improved skill development. The budget should allocate significant funding for upskilling and reskilling programs, particularly in automation, artificial intelligence, and data analytics. Providing future-ready skills will enhance employability and foster creativity in MSME workforces."
Union Budget 2024 Live Updates: Govt may introduce insurance laws amendment bill
Union Budget 2024 Live Updates: The government plans to introduce a bill in the upcoming Budget session to amend the Insurance Act, 1938, with the aim of achieving 'Insurance for All by 2047'. Proposed provisions may encompass a composite license, differential capital requirements, reduced solvency norms, introduction of captive licenses, revised investment regulations, streamlined registration for intermediaries, and authorization for insurers to distribute additional financial products, according to PTI sources familiar with the matter.
Union Budget 2024 Live Updates: EV Industry seeks incentives, funds for infrastructure
Union Budget 2024 Live News Updates: The industry expects the government to launch FAME-3, invest in charging infrastructure, offer incentives for localizing EV components, integrate EVs with renewable energy, introduce a priority lending scheme, and lower GST on EV services, among other initiatives.
Union Budget 2024 Live Updates: KPMG on double standard deduction
Union Budget 2024 Live News Updates: KPMG has outlined several key expectations for the 2024-25 Budget, set to be presented on July 23 in Parliament. These include doubling the standard deduction to Rs 1 lakh, increasing the tax break on housing loan interest, and streamlining the capital gains tax regime. It suggests increasing the standard deduction from the current Rs 50,000 to Rs 1 lakh.
Union Budget 2024 Live Updates: "Continue 45-day MSME payment rule"
Union Budget 2024 Live News Updates: The SME Chamber of India has requested Finance Minister Nirmala Sitharaman to maintain the 45-day payment rule for MSMEs concerning corporates and other purchasers. Section 43B(h) of the Income Tax Act, established by the Finance Act 2023, stipulates that if a large company fails to pay an MSME within 45 days under a written agreement, it cannot claim that expense as a tax deduction, potentially resulting in increased taxes.
Union Budget 2024 Live Updates: NBFC sector seeks more funds
Union Budget 2024 Live News Updates: Ahead of the Union Budget presentation on July 23, the Non-Banking Financial Company (NBFC) sector is anticipating measures to bolster financial inclusion and strengthen digitalization initiatives to maintain its growth trajectory. The Finance Industry Development Council (FIDC), which advocates for the industry, has recommended the creation of a specialized refinancing institution, similar to the National Housing Bank (NHB) established for housing finance companies.
