Budget Reaction - CEO Co- founder, Simpl
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Budget Reaction - CEO Co- founder, Simpl
Nitya Sharma, CEO & Co-founder, Simpl
We welcome the budget for providing much-needed impetus to the country’s startup ecosystem. Announcements such as the extension of the date of incorporation for income tax benefits to start-ups from 31st March 2023 to 31st March 2024 and the provision of providing the benefit of carry forward of losses on change of shareholding of start-ups from seven years of incorporation to ten years, are truly great moves. Moreover, the government has also deducted a whopping 39,000 compliances that MSMEs needed to abide by and decriminalised over 3,400 legal provisions. Such steps will play an instrumental role in ensuring the ease of doing business in the country. Entrepreneurship is the very backbone of India’s economic development. Therefore, the measures suggested in the recently unveiled economic survey, such as capital gains tax regimes like those of Singapore and the UAE and capital flow procedures similar to those in countries like the US and Singapore, to accelerate the reverse-flipping of startups back to Indian shores, are vital moves.
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