Nasscom Praises Government’s Budgetary Measures for Startup EcosystemNasscom Praises Government’s Budgetary Measures for Startup Ecosystem Nasscom, the apex body of India’s IT industry, has hailed the government’s decision to abolish the angel tax, recognizing its transformative impact on the country’s burgeoning startup ecosystem. The move to eliminate the tax, which had hindered the growth of startups despite India’s ranking as the third largest globally, is seen as a major boost for the sector. Nasscom also lauded other supportive measures announced in the budget, such as: * Reduction in TDS rates for e-commerce operators * Expansion of the scope of safe harbor rules * Streamlining of transfer pricing assessment procedures * Establishment of a venture capital fund of Rs 1,000 crore for space technology According to Nasscom, these measures reflect India’s ambition to become a global leader in innovation and technology while fostering inclusive and sustainable progress. The elimination of the equalization levy on e-commerce offerings is expected to further stimulate the growth of that industry. The agency-based input used in this article provides an additional layer of credibility and authority to the information being presented.
Nasscom has lauded the government’s decision to abolish the angel tax, which had been hampering the growth of India’s startup ecosystem despite its global ranking as the third largest. The move is seen as transformative for the sector.
Other supportive measures highlighted by the apex body of the IT industry include reduction in TDS rates for e-commerce operators, expansion of the scope of safe harbour rules and streamlining of transfer pricing assessment procedures. Besides, a venture capital fund of Rs 1,000 crore has been announced for space technology.
According to Nasscom, the government’s budget reflects India’s ambition to be a global leader while driving inclusive and sustainable progress. The removal of the 2% equalization levy on e-commerce offerings is also expected to give the sector a significant boost.
(With input from agencies.)
