With regard to taxation, the Finance Minister addressed the taxpayers their duty right on time. To resolve the angel tax issue, startups under the new union budget will not be subject to any scrutiny with respect to valuation. The funds raised by startups will not involve any scrutiny by the IT department giving the boom of new businesses and startups a considerable relief.
Rise of Entrepreneurship in India
The Finance Minister’s decision to boost women entrepreneurship in Women SHG Interest Subvention Programme to be expanded into all districts in India is phenomenal. For every verified woman SHG member having a Jan Dhan account, an overdraft of Rs5,000 shall be announced. One woman in every SHG will be made eligible for loans of up to Rs1 lakh under the Mudrascheme, a commendable effort by the government to encourage and facilitate women entrepreneurship. The Finance Minister also proposed forming a broad-based committee for gender analysis and addressed the significant contributions in every sector highlighting the recent election which saw a record turnout of women voters, at par with men, records 78 women MPs in the house.
The budget has also doubled income tax exemptions for those earning up to 500,000 rupees a year from the existing 250,000 rupees which will benefit 30 million lower earning taxpayers. To conclude, Union Budget 2019 is going to greatly impact the growth of women entrepreneurs and give an impetus to the startup industry aiding in the country’s development in the upcoming years. The simplification of GST which has included various businesses under the formal economy is aligned and will support the government’s vision for its economic growth.