Despite the government not introducing the much-awaited cryptocurrency bill in the Union Budget 2022-23, the union finance minister, Nirmala Sitharaman announced that any income from transfer of virtual digital assets will be taxed at 30 per cent.
With the increase in allocation to Rs 24,000 crore, the quantum of investments and domestic manufacturing capacity envisaged under the PLI scheme would further increase.
While the legal experts have stated that the announcement made by the Union Finance minister, Nirmala Sitharaman of taxing keeping the taxation rate for virtual digital assets at 30 per cent will discourage crypto transactions, the industry players have welcomed the move.
Budget 2022: The second phase of Ease of Doing Business will be driven by digitisation of manual processes and interventions among other things.
The budget underscores government’s previous emphasis on capex to sustain near-term recovery from the pandemic, while simultaneously paving the way for longer-term restructuring of the economy, Moody's stated.
In her 90-minute Union Budget 2022, Finance Minister Nirmala Sitharaman announced new initiatives to further accelerate the adoption of EVs in India.
Union Finance Minister also announced that 1,486 union laws have been revoked to facilitate ease of doing business.
Over 5,000 recognised start-ups were added in Delhi while 4,514 start-ups were added in Bengaluru between April 2019 to December 2021.
A policy-level inducement for Made in India products and start-ups directed by women that focus on sustainability and solving women's issues can also drive the idea behind the budget allocation in the 2022-2022 cycle.
The government may consider rationalisation to address this disparity in income tax rates between non-resident and resident taxpayers.
From tax breaks to policies that strengthen innovation, India's start-up ecosystem has a slew of suggestions for the government to unleash India's entrepreneurial ambitions.
Union Minister Piyush Goyal has said that the government is looking to ease the compliance burden for the start-up ecosystem in India and is aiming to give the new-age firms more freedom of operation
Co-founder of OTO Capital for EVs Sumit Chhazed believes that the EV sector is likely to receive quite a couple of SOPs in the forthcoming Budget.
The fintech sector expects liberalised tax regime, relaxation of norms and expects the FM to announce measures to ease the liquidity flow to non-banking finance corporations (NBFCs) and fintechs.
MPL’s CEO and co-founder, Sai Srinavas said that the industry will benefit from a fund that can provide capital to talented developers and designers
The industry is also seeking simplification of various processes in order to enhance ease of doing business for the private sector companies.
On the back of a strong quarter, Biocon boss Kiran Mazumdar-Shaw spoke exclusively to Business Today Televison's Aabha Bakaya on the company's growth drivers among biosimilars and what the Union Budget needs to focus on as far as the healthcare sector is concerned.
There is an urgent need to provide stimulus to the skill development sector, said Randstad India MD and CEO PS Viswanath.
The gig workers expect the announcement on implementation of social security cover, besides regulatory intervention for deciding minimum wages and documented contracts for the workforce during from the union budget of 2022-23.
Select market watchers believe that the government’s focus will be on economic revival by increasing spending and need-based capital expenditure would be the key agenda.
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