No wonder the budget 2021 was a gift to the startups and the small scale businesses. The tech industry was the centre of the government’s pro-growth vision. The techie budget which ditched the traditional bahi khata or budget papers, was presented on a tablet. And it has also been made sure that the various stake holders can for the first time access all relevant budget information straight through the NIC union budget mobile app this year.
Digital was the word of the union budget this year. It was clearly visible that the new provisions and policies were not only favouring the tech sector at its peak but was also trying to make it a way for bringing the country out of the economic crisis which was brought up due to the Covid pandemic situation.
A great wave of relief was felt by the small start up companies when it was announced By the government that the companies whose annual turnover is 10 crores or less than 10 crores doesn’t need to get the tax audit by a chartered accountant. The finance minister Al’s proposed to revise the definition under the companies act,2013 for small companies by increasing their threshold for capitalism from not exceeding INR 50 lakh to not exceeding INR 2 crores and turnover not exceeding INR 2 crore to not exceeding 20 crores. Also the startups have one more year to claim the tax holidays.
The clear effect of the budget was seen as the investors gave thumbs up to the budget and the sense ended up 2,314 points higher.
This year budget was a green flag to the STARTUPS and I hope it’ll bring more growth opportunities with time