In the time of pandemic due to Corona Virus, Union Finance Minister of India, Nirmala Sitharaman will present Budget 2022 on 1st February. The corporate world has some expectations and they are expressing them.
Mr. Ajoy Thomas, VP & Business Head (Retail, E-Commerce, Logistics & Transportation), TeamLease Services says, “The e-commerce industry in India has managed to gain substantial growth owing to the rapid increase in internet user penetration, and greater demand for easy/online access to goods & services among consumers . The e-commerce sector is looking for an impetus towards digitisation and incentivising digital transactions in the upcoming Union Budget.”
He continues “I also hope that the government cuts the corporate tax rate across the board to spur growth.”
“To amplify the Make in India initiative, now is the time for the government to encourage product companies by introducing incentives which help them become globally competitive and take product innovation to the next level.”
“The Union Budget should cover certain benefits for start-ups, such as reduced taxes for companies with a turnover less than INR 10 Crores, and complete exemption from taxes for a duration of 3 years and on profits earned during the first 5 years, the budget should be benefitting the overall start-up ecosystem. We are expecting better tax benefits for start-ups and SMEs that can further aid the growth,’ concludes Mr Thomas.