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Budget 2015: Govt should foster digital entrepreneurship in India, says IAMAI

Tags: IAMAI, digital entrepreneurship, Narendra Modi, Budget 2015, Budget 2015 India, Budget 2015-16

February 17, 2015 | COMMENTS ( 0 )

Budget 2015: Govt should foster digital entrepreneurship in India, says IAMAI

In a bid to foster digital entrepreneurship and to promote globally-competitive Indian companies, the Internet and Mobile Association of India [IAMAI] has submitted various recommendations to the Government for the upcoming Union Budget 2015.

IAMAI has urged Government to create an enabling market condition and tax environment for the promotion of digital entrepreneurs and smooth operation of market places.

IAMAI has further recommended the Government to introduce tax holidays to promote large internet companies from India, which will help new-age digital companies and entrepreneurs expand their business and provide growth impetus to the fledgling industry.

"The software and ITeS industry, which is among the most visible sectors in India today, had benefitted significantly from the fiscal support provided by the government in the form of income-tax holiday," Internet and Mobile Association of India (IAMAI) President Subho Ray told PTI.

To promote investments in the digital industry, IAMAI has suggested the governemnt to provide preferential tax treatment to angel investors, which are one of the sources for raising funds for entrepreneurs. 

E-commerce firms today are at a cross-road due to indirect tax issues, particularly from the State Governments. IAMAI, in its submission, has requested the Finance Minister to address the anomaly and ensure for the smooth operation of market places.

"To promote enabling tax environment for smooth operation of market places, issues related to VAT should be simplified and the practical difficulties of the e-Commerce firms should be duly consulted and considered. The current arbitrary demands on VAT and other local taxes by many States are acting as a deterrent to e-commerce," Ray added further.

Given the projected growth in the sector, IAMAI has recommended that the internet and mobile companies engaged in the business of development of new technology, specifically in the field of local language internet and creation of content, be provided with an incentive of a weighted deduction of 200 per cent of amount spent on research and development of application or content.

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