Every trade has its own set of expectations from the upcoming Union Budget 2017. Finance Minister and his entire team are busy in formulating and finalizing it. Though broad level guidelines have already taken place, it is the nitty gritty of the things taking final shape now. The Budget is to release on February 1, 2017. It is not only different trade segments, but each individual of the nation has its own set of expectations. India is undergoing a major transforming phase under the guidance of Prime Minister Narendra Modi. The whole nation has been tasting or anticipating the results of revolutionary steps taken by the present government. The government is working in multiple directions in order to change the picture of India from a developing country to a developed country. It is almost seven decades after our independence.
Past governments have not done anything substantial in this regard. India Inc. needs to step into the world leadership at a faster pace. The world is already acknowledging the way the current government is working and bringing India to the forefront. Be it space, technology, medicine, scholastics, or governance, India is increasing its space on the global front. For a transforming India, Union Budget 2017 needs to introduce out-of-the-box mechanism and regulations. For instance, hardly 3% of eligible Indians pay income tax. Corruption is another soaring disease that is killing our country for years. Digital India is a great initiative but a lot needs to develop in that regard to make it real. Law and Order are to be in place for everyone without any influence or bribery.
Union Budget 2017
Bipin Preet Singh, CEO and Founder MobiKwik expects the government to reduce corporate tax for start-ups. announce sops for fin-tech companies providing digital payments with data protection. He is pointing towards a bigger threat to data protection which is quite essential. More so, because the whole country is heading towards cashless and digital. A faster upgrade of digital infra is essential across the country. Digital India can’t happen without proper education and learning. And in fact, this learning is to reach to the remotest of the places and poorest of the people. Even those who are completely illiterate need to learn mobile operations.
When we talk of infra, high-speed internet networks is a prime requirement, countrywide. Connecting cities, towns, and villages is of utmost importance to enhance digital literacy. As per Bipin Preet Singh internet should be a fundamental right of every citizen. He expects Union Budget 2017 to reduce corporate tax for start-ups, especially the companies promoting digital payments ecosystem. Companies and individuals working towards promoting secure digital payments must get income tax leverages.
Another set of expectations for Union Budget 2017 comes from Roland Landers, CEO AIGF for Union Budget 2017. He says, “AIGF expects the possibility of reducing TDS on gambling, gaming and games winning (currently, 30% TDS has to be deducted on winnings over Rs. 10,000/-). Apart from that, a general reduction in corporate income tax as is widely expected will be beneficial for gaming companies as well. The rollout date of GST will also be clarified in the budget, so the gaming industry has to keep an eye on that.”