The country has witnessed a manifold increase in successful startups in the past few years. These start-ups have emerged as drivers of growth for the economy with assistance in multidimensional development and better job prospects for the youth. The Union budget stressed ‘Atmanirbhar Bharat’ and gave the following updates on startups -
- The Finance Minister unveiled a one-year extension for the incentives provided to startups. The 3-year consecutive tax redemptions got a one-year extension under the new announcements.
- A fund would be raised on the co-investment model that would be facilitated by NABARD. It would be used to finance agricultural and rural-based start-ups with an aim to enhance the value chain for farm products.
Provisions have been made for a 100% tax rebate on the profits for the first 3 out of 10 years of operation if their annual turnover does not exceed 25 crores in any financial year.
The budget encourages the private industry to collaborate with DRDO and take up the design and development of military platforms and equipment through the SPV channel. An independent nodal umbrella body will be set up to fulfill the wide-ranging testing and certification requirements.
Union Budget 2022-23 Key Highlights
What is a ‘zero-sum budget’?
Union Budget 2022-23 updates on ‘virtual digital asset
Union Budget 2022-23 updates on the Agricultural sector
Union Budget 2022-23 Updates on Education and Health Sector
Union Budget 2022-23 updates on Industry and Commerce
Union Budget 2022-23 update on Direct Taxation
Union Budget 2022-23 updates on MSMEs
Union Budget 2022-23 updates on Banking and Finance