As Union Budget 2020 is around the corner, all the business chiefs and people are eagerly waiting to hear something beneficial. Every year, at the same time, expectations of the industry leaders and shoppers from the government on the taxes and others take a flight. A year ago, the financial backing centers around diminishing red tapism, utilizing innovation, building social foundation, digital India, pollution free India, Make In India, work creation in Micro, Small and Medium Enterprises (MSMEs) and putting vigorously in framework. For the Union Budget 2020, PM Modi encouraged common people to share their expectations from the upcoming budget In the middle of a huge economy slowdown where India’s GDP growth is crashing for the first time in eleven years 2019-20. Government is making efforts to rejuvenate the economy. According to the financial conditions each part is anticipating Union Budget 2020. BW Businessworld accumulated a list of expectations from the ventures: Here are a portion of the key desires from the industries: Sachin Dev Duggal, Co-founder and CEO, Engineer.ai "In this digitally-driven decade, apps are set to become the backbone of every business across the globe, especially those in India. Therefore, a budget that is easier on the pockets of individuals and small-to-medium businesses will allow for more investment in digitalisation, ergo leading to higher consumer spends in terms of sales, subscriptions, ad-free versions and so on. By large, this should make the entire Indian ecosystem generate more revenue and jobs in the technology sector" Tarun Chugh, MD & CEO, Bajaj Allianz Life Collectively as an industry, we do see a lack of parity in the tax treatment of pension products of life insurance companies and pension products under National Pension Scheme (NPS). Both the products have similar objective of building long term savings for meeting retirement goals, hence, this disparity should be addressed by the government in the Union Budget 2020. Further, in order to enable customers to see life insurance beyond a tax saving tool and invest in it to fulfil their long term financials goals, the government should either consider a separate deduction section or enhance to limit under Section 80C of Income Tax Act, 1961, to INR 3,00,000, since the current limit of INR 1,50,000 is too low to cater to all the contributions it covers. Tabby Bhatia, Founder & Director of Voganow.com We believe that allowing standard operating procedures for MSMEs will involve easy steps to access credit and boost the Indian market. This time we are having huge expectations from the government to bring business-friendly policies and tax reformations to boost this sector and economy since MSMEs are contributing the most in creating millions of jobs and accounting for a major portion of the country’s manufacturing outfit and exports.Also, we are also hoping that government will make some good and big announcements towards the success of ‘Make in India’ initiative. Read full article @ www.businessworld.in/article/What-Industry-Leaders-Are-Expecting-From-Union-Budget-2020/27-01-2020-182794/
0 Comments
Leave a Reply. |