Budget 2018: Corporate Tax Cut, no GST on Sanitary Napkins And More on MobiKwik Founders’ Budget Wishlist

Finance Minister Arun Jaitley will present the Union Budget 2018-19 on Thursday, February 1. From reduction in corporate tax to other benefits, fin-tech companies are looking at some relief from Budget 2018.

Mumbai, Jan 30: Finance Minister Arun Jaitley will present the Union Budget 2018-19 on Thursday, February 1. From reduction in corporate tax to other benefits, fin-tech companies are looking at some relief from Budget 2018. MobiKwik Founder and CEO Bipin Preet Singh says that he wants the Finance Minister to announce measures to accelerate the pace of India’s migration to digital platforms. He has also added easy access to online financial services for rural areas in his Budget wishlist.

“People in urban and rural areas should be able to easily access financial services like loans and investment products on their smart phones. The benefits of digital services value chain must percolate to the un-banked and under-banked population as the country transforms into a knowledge-driven economy,” Singh said.

Following is Singh’s Budget 2018 wishlist:

1.  Reduce corporate tax for start-ups and companies promoting digital payments ecosystem. At the moment, it is flat at 35 per cent.
2. Reduce income tax for individuals and companies promoting secure digital payments. The Budget should announce sops for fin-tech companies providing data protection.
3. Announce measures to expand broadband connectivity rapidly and accelerate the pace of migration to digital platforms. People in urban and rural areas should be able to easily access financial services like loans and investment products on their smart phones.
4. The benefits of digital services value chain must percolate to the un-banked and under-banked population as the country transforms into a knowledge-driven economy. This will encourage more merchants and consumers to transact on non-cash, online platforms.
5. We need to improve digital literacy and connect cities, towns and villages with high-speed internet networks so that every citizen is empowered with access to a mobile broadband connection. This will move a large portion of cash transactions to formal economy.

Meanwhile, MobiKwik co-founder Upasana Taku has also added initiatives for women to promote entrepreneurship to her Budget 2018 wishlist. This is what she has added to her Budget wishlist:

1. Access to sanitary products should be advocated by the government. The GST on sanitary napkins should be revoked
2. We need to allocate more funds towards Nirbhaya funds for women’s safety. More so, they need to be used in the right direction
3. Government should focus on creating more and sustainable job opportunities for women

“The Union Budget for 2018-19 must announce robust incentive plans for women so that they can harness the potential of new digital technologies and evolve a large ecosystem of entrepreneurs. Comprising nearly half of the population, women can bring about a transformational change by contributing to innovation, inclusive development and nation building,” Taku said.