The central government led by Prime Minister Narendra Modi, has been focussed on supporting startups and fostering the entrepreneurship spirit in the country. In lieu of this, the Startup India program was launched in January, 2016 which aims at creating a conducive environment for startups in the country by providing them with financial support and mentors. However, a year into the program there hasn’t been much of an on-ground impact. Now as the budget draws closer, startups have voiced their expectations and their solutions to some key problems being faced by the startup ecosystem as a whole.
- Angel Tax
Although multiple issues stand unaddressed, startups and angel investors are eagerly awaiting the government’s response to the much voiced challenges that have arisen due to the harsh angel tax imposition. The angel tax which was introduced in the Union Budget of 2012, taxes startups on investments received from angel investors , which is in excess of their fair market valuation. At present the angel tax rate is 30 per cent. Numerous startups have complained of receiving notices from the tax authorities on account of investments received by them. The main issue of debate is that the valuations of startup companies are carried out by third party companies. Hence, the valuation of each startup differs according to the company valuing it and thus discrepancies arise as to the actual valuation of the startup. Just a week ago, Sreejith Moolayil, Founder of True Elements, initiated a petition on the digital platform “Change.org” against the angel tax.
A possible solution to the angel tax issue has been given by Bishakha Bhattacharya , Senior Director and Head, Public Policy and Government Affairs at NASSCOM. “The best solution to the angel tax is to have a mechanism in place for recognising angel networks and assign a body for the same since the entire intention of taxing startups on angel investments is the concern on illegitimate money being channelled to startups.”
- The problem of being certified as a startup
Although the Startup India program exists, a number of ventures wanting to avail the benefits are facing problems in being recognised as startups. In acknowledgement of the long incubation period for startups, the program has now amended the definition to consider a venture as a startup for a period 7 years, from the earlier 5 year criteria. Additionally no letter of recommendation is now required from an incubator/industry association to get recognition or avail tax benefits. However, even after such changes, as per the Startup Policy website, DIPP (Department of Industrial Policy and Promotion) has officially recognised 6,096 companies in India as startups and only 74 of these startups have approved for availing tax benefits, as of January 2018.
- Equality in the treatment of listed and unlisted securities
According to the current tax regime, the investments made in listed equities are exempted from Long Term Capital Gains Tax if held for a period of one year; however the investments by venture capital and private equity funds are taxed at 20 per cent if they are held for over two years.
With regard to this issue, angel investors across the country feel that while the government may not necessarily incentivise investments in startups, they should not penalise it either.”We are very passionate about angel investments but currently the IRR doesn’t justify the same. If the government can make taxation of angel investments at par with listed securities, it can at least double the number of investments from family offices and angels,” said Siddharth Ladsariya, Director of Everest Flavours and an active angel investor with a massive portfolio consisting of over 110 startups across India, US and Singapore.
- Increase in digital transactions and reduction in the cost of capital to SMEs
The booming fin-tech sector in the country has welcomed digital initiatives like Aadhar and UPI , which aim for greater financial inclusion in the country. However a number of players in the sector have pushed for the government to play a bigger role in the digitisation of financial services as well as encouraging people to use digital platforms to make payments. In addition to this, there is also a demand for a reduction in the cost of capital to small and medium business enterprises, which form the major clientele for a large number of fintech companies.
According to Gaurav Hinduja, Co-founder of Capital float, a possible solution to reducing the cost of capital to SMEs would be by improving the lenders’ access to low cost funding sources like MUDRA and SIDBI, as well as relaxing the securitization norms.
- Tax regime
Yet another demand from startups is for making the current tax regime more conducive for small businesses. In India, SMEs are basically the backbone of the ecommerce market and are currently adapting to the digital mode of conducting business activities as well as the new GST regime. However, a number of players have demanded supportive infrastructure in the form of policy initiatives.
As per Sanjay Sethi, co-founder and CEO of e-commerce platform, ShopClues, the government must strike a balance in levying a “tax deduction at source” for online as well as offline transactions, so as to level the playing field. In addition to this, he also suggests that the size and scale of a merchant’s business must be taken into consideration so as to prevent the locking up of working capital.
Startups across the country are hoping that their problems will be favourably addressed by the Union Budget 2018.
(Picture courtesy: digitallearning.eletsonline.com)
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