Budget 2022 Wishlist: Promote female entrepreneurs, tax holidays and more
Let us look at what India Inc is expecting this time from Finance Minister Nirmala Sitharaman who will be presenting her fourth budget on February 1.
For several sectors in the country, 2020 was a really testing time. Some of these sectors made a strong comeback in 2021. This time these sectors have high hopes from Finance Minister Nirmala Sitharaman who will be presenting her fourth budget on February 1.
Let us look at what India Inc is expecting this time:
Founder and MD, Big Boy Toyz
The luxury car segment has some of the highest duties, GST, cess and registration costs. I urge the government to kindly review the current tax structure for luxury vehicle cars and come to a more rational tax structure to drive growth in the sector. The automobile sector will be obliged by the government if there is a standardized GST to 12 per cent as now GST varies from 18 per cent to 12 per cent on used cars. It will boost the economy and the sector as well. It will also help the government to get more and more car dealers to roll up for GST.
Sarita Singh Rawat
Founder & Director of Deebaco
The government should promote female entrepreneurs with relaxation in tax and offer funds that can help brands to sustain themselves in these challenging times. For a fashion brand, lowering the cost of raw materials can benefit massively to maintain cost. With balancing tax rates well, one can see a significant boost in making Indian brands grow at the best possible level.
Chief Financial Officer, Numero Uno
For products costing up to Rs 1,000, retaining a 5 per cent GST will benefit everyone to maintain the quality and price very well. In these challenging times, it is crucial to balance everything well. Hence, 5 per cent GST for Rs 1,000 worth of maximum retail price products can do wonders for everyone. Increasing the limit under 80C will boost companies to handle standard deduction, with lowering of tax slabs for individuals will benefit millions and billions of people.
We are having a lot of expectations from the 2022 budget. We need a higher allocation of funds for seed funding by investors and incubators. Tax holidays for startup companies with under 20 crore revenue will encourage more entrepreneurs to take the plunge.
Managing Partner, Ironhill India
We would like the finance ministry to take a look at the GST regulations in the hospitality, food and beverages industry. We do not get any input, but we have to pay GST to a lot of items we purchase ranging from 18-28 per cent which directly impacts the margins. This has a domino effect and impacts the customers directly. The reduced margins reflect directly in the increased menu pricing which impacts customers and in turn affects the number of walk-ins.
Managing Director & Group President, RR Global
With the upcoming Union Budget, we would like to see the government’s increased focus on sectors such as infrastructure, healthcare and affordable housing as this encourages the demands for manufacturing and thereby wires and cables significantly. In an effort to continue the economic growth of the country, we hope the government will lower the interest rates and make higher capital available to MSMEs as they are the backbone of the Indian business market and ultimately help generate employment.
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