Rahul Gandhi suggested that his party also take care of the Angel tax. Introduced in 2012 to curb money laundering through unregistered companies, the angel tax has been eased, but certain conditions still apply.
Congress president Rahul Gandhi has been on a roll since he announced the Nyuntam May Yojana (NYAY) scheme for five crore low-income families in India. However, that’s not all Rahul Gandhi promises to offer if Congress comes to power.
Gandhi declared another plan for young entrepreneurs in India on Twitter on Thursday. The Congress president said his government, which comes to power after the Lok Sabha elections, will allow a provision for zero permission for the first three years of any new business.
Rahul Gandhi also suggested that his party would take care of the Angel tax. The angel tax, introduced in 2012 to curb money laundering through unregistered companies, has been eased, but certain conditions still apply.
Angel tax is levied from a privately held company when it raises funds at a rate higher than its actual valuation. In India, Angel tax applies if a company raises funds at a 30 percent premium on actual value.
Gandhi also promised solid incentives and tax credits based on how a startup contributes to job creation. If Congress comes to power, Gandhi also promised to make it easier for small businesses and startups to obtain bank credit.
While the present government has taken several measures to boost the country’s startup sector, several issues continue to suppress the sector’s full potential.
Meanwhile, before the 2019 Lok Sabha elections, Rahul Gandhi also said the NYAY scheme will “remonetize” what the Narendra Modi government demonetized in 2016.
“What the PM has done over the past five years is to remove all money from the economy with failed policies like demonetization and a poorly executed Gabbar Singh Tax [GST]. Informal sectors have been badly hit,” Gandhi said.
“The aim of the ‘Nyay’ scheme is two-fold. The first is to guarantee a minimum income to the bottom 20% of families. The second is to remonetize the economy that Modiji has demonetized,” he added.
