Budgettalk

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Budgettalk

Wednesday, 03 February 2021 | Pioneer

The Institute of Company Secretaries of India (ICSI) welcomes Budget 2021. It proposed a boost for the healthcare sector with a significant increase of 137% in the outlay. The decision of a total spend of around `2 lakh crore on healthcare with `35,000 crore on Covid-19 vaccine development and inoculation is a much needed step. With no income tax return filing for senior citizens above 75 years, having only pension and interest income, and setting up of faceless dispute resolution committee for individual tax payers, the Institute applauds the ease provided in compliance for seniors and small tax payers and making Income Tax Appellate Tribunal faceless. The reform measures focusing on the six pillars of the economy vis a vis, health and wellbeing, physical & financial capital and infrastructure, inclusive development for aspirational India, reinvigorating human capital, innovation and R&D, minimum Government and maximum Governance are perfectly aligned with the Government’s Atma Nirbhar Bharat initiative.

— CS Nagendra D Rao, President, ICSI

1.97 trillion committed to the manufacturing sectors over five years starting this financial chain. It’ll help bring scale, job and growth. Manufacturing companies need to become an integral part of the supply chain and the government is gearing up to support the economy for sustainable growth. This is a much-needed stimulus to boost demand and consumer confidence.

The Government plans to allow incorporation of one-person companies with no restriction on the paid-up capital and turnover and Non-resident Indians will also be allowed to incorporate one-person companies in India. This is a positive step for single founders who are able to start a company and attract investments.  Most importantly, `1000 crores has been announced for tea workers of Assam and West Bengal. The details have not yet been shared but this is a positive step for the COVID impacted tea industry. Last year was difficult for them and this is a timely intervention to provide much needed relief to the tea workers and will go a long way in easing the pain and hardships.

— Bala Sarda,Founder & CEO , VAHDAM India

We applaud the finance minister's move for the MSME Sector which includes an allocation of `15,700 crores. Moreover, we are pleased to see the efforts outlined to ease compliance requirements for the start-up community as well as the introduction of incentives such as tax holidays and an extension in capital gains exemption by a year. The Finance Minister’s proposal to revise the definition of small companies under the Companies Act, 2013 by increasing their threshold for capitalization, is a much-needed step to benefit over two lakh companies. This step will provide a big push to startups and innovators by enabling them to grow without regulatory restriction on paid-up capital and turnover, thereby bolstering the startup ecosystem and the economy at large.

— Sameer Nigam, CEO & Co-founder of Stratbeans

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