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Marketing In Asia > Blog > Business > News > Transform Your Startup Dreams into Reality: Get Inspired by Union Budget 2023’s Boosting Measures
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Transform Your Startup Dreams into Reality: Get Inspired by Union Budget 2023’s Boosting Measures

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Last updated: 2023/03/03 at 6:04 PM
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The Union Budget 2023, presented by the Finance Minister of India, Nirmala Sitharaman, has placed a significant emphasis on the nation’s thriving startup ecosystem. With India being the third largest global hub for startups, the government recognizes the need for further support and growth of the sector. The Minister emphasized the success of previous measures taken for startups and acknowledged India’s ranking as second in innovation quality among middle-income countries.

Contents
Also Read: Budget Branding Advice Startup Owners Can Rely OnAlso Read: Union Budget 2023-24 Slashes Financial Support for UPI Providers and Fintech Startups

The Budget proposes to extend the date for eligible startups to receive income tax benefits and the duration for carrying forward losses for a longer period. This is to provide relief for startups and to redirect their earnings towards growth and expansion. To be eligible, the startups must be registered with the Department for Promotion of Industry and Internal Trade (DPIIT) as a private limited company, partnership firm, or limited liability partnership firm. They must also have an annual turnover of less than Rs 100 crore and must be working towards innovation, development or improvement of processes, products or services, or have a scalable business model with high employment generation potential.

Also Read: Budget Branding Advice Startup Owners Can Rely On

The proposal to extend the period for carrying forward losses aims to offer relief to startups and allow them to focus on growth. Additionally, the proposal to extend the date of incorporation for eligible startups for exemption will provide further incentives for startups and encourage budding entrepreneurs. The Finance Bill, 2023 also proposed to include non-resident investors in the provisions of section 56(2)(viib) of the Income-tax Act 1961, eliminating the possibility of tax avoidance. This amendment to the Angel Tax, which earlier taxed the issue of shares at a premium to resident investors, will now cover non-residents, with the exception of investment from SEBI-registered Alternative Investment Funds (AIFs), starting April 1, 2024.

Startup founders and industry experts have welcomed the measures proposed in the Budget as a major step towards supporting Small and Medium Enterprises (SMEs) and startups in India. The proposals aim to create more jobs, stimulate economic growth, and encourage innovation in the country. Investors and venture capitalists will also be incentivized to invest in startups, providing a much-needed boost to the startup ecosystem in India.

Also Read: Union Budget 2023-24 Slashes Financial Support for UPI Providers and Fintech Startups

In conclusion, the Union Budget 2023 is a positive step towards the growth and development of the startup ecosystem in India. The proposals to extend the date for income tax benefits, carry forward losses, and include non-resident investors, among others, are aimed at providing relief and encouraging entrepreneurship, innovation, and employment. The government’s focus on the startup ecosystem is a clear indication of its commitment to promoting entrepreneurship and driving economic growth in the country.

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TAGGED: budget 2023, income tax, innovation, insight, Nirmala Sitharaman, startup

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    MIA Editor February 7, 2023
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