Budget tick some of the right boxes for creating a supportive ecosystem for start-ups and entrepreneurs: ShakeDeal

The union budget has ticked some of the right boxes for creating a supportive ecosystem for start-ups and entrepreneurs. The creation of payment platform for MSMEs for filing of bills and payments is a step in the right direction. The credit boost to MSMEs through 350 crore interest subvention and 2 % interest subvention for GST-registered MSME on the fresh or incremental loan will help businesses and spur the waning economy.

Also, start-up channel on Doordarshan will help budding entrepreneurs to shape their ideas and guide them about complex issues of compliance and taxation. The proposal to discourage business payments in cash and levy 2% TDS on cash withdrawal exceeding Rs1cr in a year from a bank account will bring in tax compliance and also increase revenues for the government. Filing of single monthly GST return will provide a big relief for MSMEs on the compliance front. Start-ups and investors who file declarations will not be subjected to scrutiny in valuation - this is a positive development that will encourage angel and private equity investments.

- Akshay Hegde, Co-founder & MD, ShakeDeal