enterprise

With the Budget 2017 already tabled the industry reacts to the progressiveness of the Budget for startups and MSMEs. We bring to you some of these reactions:

Budget 2017

Adhil Shetty, CEO & Co-founder, BankBazaar

“Often, for start-ups and MSMEs, the smaller funds at critical points have the potential to change their operating landscape. The budget has several provisions for start-up that can help them conserve that amount. Taxes for start-ups and small businesses have seen a dip, with the profit-linked deduction available to start-ups for 3 out of 5 years extended to 7 years now. The Income Tax for MSME up to 50cr turnover has been reduced to 25% and the presumptive income tax for enterprises whose turnover is up to Rs.2 crore has been reduced to 6% from 8%. These measures bring down the operating expenses and give start-ups a little more breathing space and room to conserve resources and grow.

Girish Rowjee, Co-founder and CEO, Greytip Software 

Girish Rowjee, Co-founder and CEO, Greytip Software

“The 2017 Union Budget has several positive elements that will significantly impact the MSME and Startup sectors. While the overall budget was well-balanced, the reduction in corporate taxes by 5% will immensely benefit the MSMEs in India and spur growth in the domestic sector. Legislative reforms to streamline and amalgamate existing labour laws into four codes will significantly help in simplifying the effort required on statutory compliances and result in improved compliance across organisations.”

 

 

 

Shibu Paul, Regional Director (IN, GCC & SEA), Array Networks

“I am overall happy with the budget, the increased focus on cashless economy and move towards digitization is very much appreciable. I will call it a forward looking budget with the balanced Tax soaps, IT rebates, focus on rural areas and SME development. Also, the reduction in tax for companies with less than 50cr turnover which will now be placed at 25% is a big win for MSME sector and around 96% of the companies will be benefitted by this major announcement.”

Ravi Raj, Brand Head, Director (Sales & Support),  NetRack

“This is overall a positive budget, which constitutes the entire element required for a progressive economy. This budget is an extension of the initiatives like digital India and make in India. The focus on infrastructure is a big push for industries, also the supporting schemes to push digitization like installing of POS machines, BHIM app, Aadhar payments as well as initiatives on digital transactions will help grow Indian economy. Apart from this, the tax reduction for companies with less than 50cr turnovers is the biggest take away for SME sector from this budget. We are hopeful for early implementation of GST, which will facilitate smooth movement of goods across India.”

Rajarshi Bhattacharyya, Country Head, SUSE

“The encouragement given to start ups and tax reduction to MSME is a positive step towards make in India initiative. This will ensure new age organisations to be more globally competitive. India’s GDP will be on the upsurge. The 25% corporate tax cap for companies up to 50Cr revenue is a great step for MSME sector, which will positively benefit more than 90% Indian firms. 50% personal tax reduction for 2L to 5L slab will certainly help the emerging class.”

Shilpa Mahna Bhatnagar, CEO & Co-Founder, Evoxyz Technologies

Shilpa Mahna Bhatnagar, CEO & Co-Founder, Evoxyz Technologies

“The Union Budget 2017 gives me a mixed feeling, certainly more on the positive side.  On the positive side, there has been tax reduction on MSMEs, these concessions will also build a platform for MSMEs to embrace the company’s format, reduction of custom duties on hardware for Fintech innovation and increase in child and women healthcare fund, the only concern which advances is that whether we as startups will be able to use them. The processes to leverage these reforms are so complex that entrepreneurs find it extremely difficult to use them; hence there should be more focus now on ease of execution of these reforms for startups to flourish.”

 

 

Ambarish Gupta, CEO & Founder, Knowlarity Communciations

“A number of tax SOPs have been directed towards aiding the MSME sector which was the worst hit during demonetization. For companies with an annual turnover of less than Rs 50 crores, corporate tax has been reduced from 30% to 25%. The budget also directed a sum of Rs 24,000 crores for the growth of the MSME sector. For start-ups reeling under high taxes, the Finance Minister has declared that they would have to pay taxes only for three out of seven years-which was earlier just five- that too only if they make profits.”

Dr. Apoorv Ranjan Sharma, Co-Founder, Venture Catalysts

“For the Startup economy, there is a significant relief in deductions within profit-linked available to seven years from the current five years. Furthermore, the deduction in corporate tax is a great boost for the companies with turnover of 50 crores or less. Besides, SMEs with turnover up to Rs 2 crore, will enjoy tax relaxation from 8% to now 6%. The move is going to waive off the financial burden, while propelling small merchants on their path to success.”

Most Popular

The Red Mark has been established as a news portal to act as a conduit between the booming startup economy and the established, traditional players. Today's startups are tomorrow's small and medium business or large enterprise and we believe that no one can afford to be an island; if both work in tandem they can learn a lot from each other.

Contact Us

Address : 570, first floor, sector 22B , Gurgaon - 122015

Contact No. : 0124-4377494

For Any Query Please write below


Editorial : karma@theredmark.net

Advertisement : hem@theredmark.net

Subscribe to Our Newsletter





CAPTCHA


copy the digits from the image into this box

Copyright © 2016-2017 The Red Mark. All Rights Reserved.

To Top