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Key expectation of Startups and Business enterprises in Union Budget 2022

Startups expecting ‘tax relaxation’ in the area which is as of now struggling with the surge of the Covid-19 pandemic.

India is witnessing a growing startup ecosystem. But some areas are struggling to grow in the surge of the pandemic Covid-19.

Startup India initiative is the flagship of the Government of India, launched in 2016 by the prime minister for building a robust startup culture in the country. Last 5 years, startups in India have grown to over 60,000 from less than 500, reveals government data.

Startup and Business enterprises are expecting ‘Tax exemption’ in the budget 2022, along with startup-friendly policies. These policies will further enable companies to spend on ideas, innovation, enhance ease of doing business and reduce compliance costs.

The companies are expecting increment in subsidies from Government to the firms, in budget 2022 as well, especially the electronic vehicle sector.

To support these startups and companies to flourish in the Indian market, the companies are expecting that Govt. should have expansion in the startup sector and Made In India initiative(2014).

As of the need of the time, Indian tech-driven enterprises in the healthcare field are constantly developing and innovating solutions to support India’s healthcare infrastructure. For this, the government must consider tax exemptions on funds received and a GST reduction to 3% from the existing 18%, as per sources.

There is an expectation from the Crypto business as well stating to provide directional clarity on the framework to regulate the usage of cryptocurrencies and crypto startups. There must be clear rules and regulations for this sector in the upcoming budget.

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