Business EconomyPosted at: Jan 27 2020 8:32PM New Delhi, Jan 27 (UNI) Keeping high expectations from Budget 2020, leaders from different industries, including the food, tech, auto, fintech and IT, want a cut in tax and special rebates to grow and flourish.
JK Technosoft Ltd Chief Financial Officer Sumanta Panigarhi said, ‘The Information Technology (IT) industry is currently going through a transition phase, as numerous new technologies in the form of Artificial Intelligence (AI), Cognitive Computing, Data Science, Machine Learning (ML), Big Data, Data Analytics, Robotics (RPA), Internet of Things (IoT) and Blockchain are changing the rules of the game for the incumbent IT players.
“Given the relevance of the new-age technology business, it is imperative that the Government revives `front-end ‘ tax incentives such as Section 35 (2AB) for at least 5 more years and include IT/ IT-enabled Services as an eligible business for this added benefit. Sec 35CCD may be overhauled to promote expenditure on skill development training and revive incentives on re-skilling and up-skilling the IT workforce.
“The Government should also consider revitalising tax holiday under Section 80-IB (8A) for companies that dedicate themselves to research and development in the niche technology services sector.”
‘The Government should allocate funds explicitly for the benefit of MSMEs, including hotels, in order to facilitate development and create job opportunities. An important action point is to introduce uniformity in the taxes applicable to hotel rooms.
‘There are actually two tax slabs on hotel rooms-18 per cent and 28 per cent. If this is reduced to over 10 per cent, both guests and hoteliers would receive considerable relief. There must be no delay in GST reimbursement as its postponement blocks working capital and causes industry imbalance,” said Ruchi Garg, CEO, Co-Founder, Venuelook.com, an online venue booking venue, and event planning company.
‘According to the priority sector lending there ought to be a response while in the non-secure financial loan financing procedure it’ll be acceptable for introducing fresh & improved services and products on the current market, as small signature loans are directly credited in the borrowers bank accounts, government needs to allow e-KYC and Video KYC this is likely to produce the money-lending procedure simpler and faster.
“There ought to be no less Dividend Distribution Tax for Fin-Techs and NBFCs therefore, they are able to gather more capital for financing. There ought to be a distinct credit guarantee scheme strategy for fin-tech organizations in order to provide loans to the folks with greater ease. A new mechanism ought to be introduced to solving the issue of NPA, E-NACH process ought to be re-introduced,’’ said Sachin Mittal, Founder & CEO Loanwalle.com.
“With expectations of a significant income relief for the middle class rising, personal income tax slabs need to be revised so that it can increase the cash flow and give momentum to the economy. While deduction under section 80C is a deduction made from gross total income, it is expected that in the coming budget the investment limit will be increased which will have a direct impact on the GDP growth.
“Income tax cuts could further boost market sentiment. The Government should cut taxes for small and medium-sized companies sector-wise to give a boost to non-performing or slow-growing sectors. Special rebates should be given to electric vehicle cars, OEMs and support structures to reduce the dependence on crude oil of the country,” JK Technosoft Ltd. CHRO Shyam Verma.
Dr. Arvind Singhatiya, LegalKart (Founder and CEO) said, “We feel that in 2020 the focus will be on the consumer market—the supply of legal services directly to individuals and businesses will be stronger and the concept of ‘Marketplaces’ will grow. Artificial intelligence in finding and engaging a lawyer or legal firm will evolve to solve the difficulty of consumers often.”
Vinay Jain, Founder, and CEO, Grafdoer, a Sanitary and Kitchenware (MSME), said, “Under the Swacch Bharat Abhiyan the emphasis is on building and using concrete toilets with elementary sanitary fittings as they are hygienic.
‘Being in the sanitary industry, we manufacture products that are for society’s health and hygiene and we, therefore, are expecting a reduction in its taxation from 18 per cent to 12 per cent. This will not only help the development of society towards the objective of Swacch Bharat Abhiyan, but also in the real estate market, which is witnessing a drop, will also be able to arrest the drop.
‘The ongoing disruption in the technological sphere has been a prime factor complementing India’s digital growth journey. With India undergoing a complete digital transformation, we hope that the upcoming Union Budget 2020 should essentially focus on designing policy frameworks to incentivize large scale businesses to invest in the country’s tryst to technological advancement.
“The Government must encourage investment in the technology hubs to promote new-age startups and at the same time help in setting up new innovation incubators. We also hope that the new budget will provide respite in tax in the service sector. No industry can experience development without a skilled workforce and more opportunities.
‘We expect the Government to increase employment opportunities and at the same time initiate new centers for skill development,’ said Ashwani Rawat and Amarsh Chaturvedi, Co-Founder & Director, Transerve Technologies Pvt Ltd.
Ayyushman Mehta, Managing Director, MAVOX Helmets, Sandhar Amkin Industries Pvt Ltd, said, ‘The Indian automobile sector over the past year has undergone a critical phase with a steep slump in the sales figures of both two-wheeler as well as four-wheeler manufacturers. However, many two and four-wheeler manufacturers have adapted to the new BS-VI norms very well resulting in the overall improvement of the product offerings.
“While the Government has proposed an electric revolution that will provide the auto industry with the much-needed impetus, we expect that the Government should also focus on constructing safer roads in both rural as well as urban areas so that accident figures can be reduced.
‘Furthermore, we hope that there would be stricter norms and implementation to allow only original ISI marked helmets on the roads and lower GST rates from the current 18 per cent to five per cent, given it is a safety and essential product, so that every rider can purchase ISI helmets at an affordable price.
‘We hope this year’s budget can brighten the future for the auto industry in India,’ he added.
Koolchas-QSR Restaurant founder and CEO Gaurav Bahl said, “We are expecting more policies and regulations this year. The hardships are faced by the startup entrepreneurs in raising the funds and setting up the business as a lot of time and energy is exhausted in solving tax related queries and going hand in hand with the regulatory system.
“We can take a breath from this factor as we are hoping for faster availing of tax and refunds with this budget. From the government’s side, more stability in the tax and regulatory system is important as it can have an adverse effect on the startups,’ he added.
Budget 2020 will be presented on February 1 by Finance Minister Nirmala Sitharaman.
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