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Niket Raj Dwivedi
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MedialĀ ā¢Ā 1y
Union Budget 2024-25: Key Highlights for Startups and MSMEs š Finance Minister Nirmala Sitharaman mentioned 'startup' just twice in her speech, but there's plenty for the startup ecosystem, manufacturing, and MSMEs in this budget! Here's the scoop: Tax Updates: šø Angel Tax Abolished: Starting April 1, 2024 šø Digital Tax on Foreign Companies Abolished: Starting August 2024 šø Short-Term Capital Gains Tax: Increased to 12.5% from 10% šø Long-Term Capital Gains Tax: Increased to 20% from 15% Skilling & Employment: šø One-month wage for new formal sector employees šø Incentives for manufacturing sector employers šø 1,000 ITIs to be upgraded šø Loans for upskilling and higher education Space Economy: šø INR 1,000 Cr venture fund for spacetech startups Manufacturing Growth: šø Reduced customs duty on mobile phones, PCBAs, and chargers to 15% šø New ecommerce exports hub for MSMEs šø Reduced duties on critical minerals and components šø Increased customs duty on importing PCBs for telecom MSME Credit Push: šø Credit guarantee for machinery/equipment purchases šø Enhanced MSME credit assessment by public sector banks šø Mudra loan limit doubled to INR 20 Lakh šø Expansion of TReDS trade invoicing platform šø New SIDBI branches in major MSME clusters Digital Business & Infrastructure: šø Digital infrastructure push in agriculture, finance, ecommerce, education, and health šø TDS rate on ecommerce reduced from 1% to 0.1% šø Urban land records to be digitized withĀ GISĀ mapping
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