Central Government led by Narendra Modi is all set to surprise Indian Youth with Startup India Stand up India announcements in the New Year. Prime Minister Narendra Modi made an announcement about the plan to surface on 16th January in his Mann ki Baat this Sunday.
Prime Minister announced Startup India Standup India on the Independence Day this year, since then a lot of measures have been taken in the specified direction. The central government has introduced a series of reforms to increase the ease of doing business in the country. The central government has a long list of reforms to be introduced in the financial year of 2016.
There have been umpteen number of challenges but the adamant attitude of the central government has helped country have financial aids like MUDRA Yojana and ever increasing Foreign Investment in the Indian startup eco system.
Finance Minister, Arun Jaitely, announced that GST Bill and Ease of Doing Business are going to be the priority of his ministry in the New Year. With the GST finding a place in the constitution, the growth rate will increase by 1-1.5 percent. The new set of rules and properly imposed taxes will ensure that Startups are finding easy to sale and scale.
Some of the reforms that might get executed in the New Year are as follows:
Goods and Service Tax Bill: GST Bill is the real challenge that the contemporary government needs to get over. The government will have to take the opposition under influence and make sure that the bill passes in 2016 otherwise startups are going to be marred by the irregular tax regimes.
RBI Helpline for help on Forex Matters: Reserve Bank of India has announced that they will be launching a helpline to provide startups with advice on FOREX matters. The startups seeking details or advice will have to share their company details with RBI in order to ensure transfer to accurate information and immaculate advisories.
Government to let go taxes on VC Funding and Sops: Next time someone offers you a job in startups and requests you to take equity instead of salary, do not let the opportunity go out of your hand given the Ministry of Finance is speculating possibilities of exempting taxes on such transactions and on VC investments. Angel Investors will be able to acquire more profit and will be able to invest in more startups and on the other hand startups will be left with enough money to expand their business without seeking investments.
MUDRA Yojana: Already under implementation but the real results will start flowing only after the government has introduced reforms on GST Bill. A lot of MSME are also planning to go online and sell their products across the country but the improper tax distribution is keeping them away from taking the next big step.
With all these rules and reforms in place, the country will have pool of opportunities to be worked upon. The decreased corporate taxes and the increased possibilities will help young entrepreneurs make successful businesses with great ease.
Indian startup community is all set to help India emerge as the talent pool.