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2015-03-02

Positive thrust on tech startups in Budget 2015

The government continues its focus on leveraging technology for development and governance goals.

NASSCOM has welcomed the Union Budget 2015 terming it as `comprehensive’ and appreciated the government’s focus on startups and technology.

R. Chandrashekhar, President, NASSCOM, said, “Our wish list for Budget 2015 included three key priorities – policy bottlenecks including ease of business, procurement challenges and nurturing startups. Budget 2015 does cover some part of these priorities. However, some concerns remain and we would urge the government to address these issues on priority,”

The government continues its focus on leveraging technology for development and governance goals. Announcement of electronic Trade Receivables Discounting System (TReDS) for SMEs, cashless economy, expanding direct benefits through JAM, implementation of GST from 1.4.2016 etc are some welcome announcements.

Amidst the positive thrust on Technology and Startups Union Budget 2015-16, concerns in some of the areas still persist which include: Public Procurement Dispute Resolution Bill to ease procurement challenges, nurture and incubate technology startups, ease of doing business including e-filings, bankruptcy laws, Lower rate of income tax on royalty and fees for technical services reduced from 25 per cent to 10 per cent, Section 56 for Angel tax, dual levy of taxes on products, Service Tax refunds issues, MAT, Clarity on transfer pricing, measures for increasing access to government procurement for product companies and SMEs, dual Levies on software continues, and high rate of TDS (10 per cent) on all software transactions including startups constrain cash flows not provided, fair market valuation applicable to angel investments taxes capital receipts in startups, etc.

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