By Ajoy Thomas, VP & Business Head (Retail, E-Commerce, Logistics & Transportation), TeamLease Services
"The e-commerce industry in India has managed to gain substantial growth owing to the rapid increase in internet user penetration, and greater demand for easy/online access to goods & services among consumers. The e-commerce sector is looking for an impetus towards digitisation and incentivising digital transactions in the upcoming Union Budget. I also hope that the government cuts the corporate tax rate across the board to spur growth," he said.
"To amplify the Make in India initiative now is the time for the government to encourage product companies by introducing incentives which help them become globally competitive and take product innovation to the next level," he said.
"The Union Budget should cover certain benefits for start-ups, such as reduced taxes for companies with a turnover less than Rs 10 crore, and complete exemption from taxes for a duration of 3 years and on profits earned during the first 5 years, the budget should be benefitting the overall start-up ecosystem. We are expecting better tax benefits for start-ups and SMEs that can further aid the growth," Thomas said.