FM to look into the problems urging SaaS companies to register abroad
By MYBRANDBOOK
Nirmala Sitharaman, Union Finance Minister, said that she will look into the matter that is forcing Indian tech companies to register outside India. Tamil Nadu’s tech entrepreneurs insisted the finance minister to solve the problems regarding the barriers faced in the value creation of IT products by Indian IT.
As said by the founder of software firm Kissflow Suresh Sambandam, due to some difficulties faced by entrepreneurs in the Indian market and hence registering business outside India, the country could be losing the revenue generation as the SaaS sector, giving $1 opportunity itself, can play a leading role in the government’s goal of reaching a $5 trillion economy.
“Despite the changes in the business models, on the taxation front, the software is still treated as a consulting service and TDS is being levied on the sale of essentially a product and I requested the Finance Minister to look into it,” said Sambandam. The finance minister assured to look into the matter and ask them to send a detailed note.
Other industries like healthcare and cement also brought up some issues. N Srinivasan, MD of India Cements said “The price of coal has gone through the roof. What was $70 a tonne is now $170-$180 a tonne. There is an import levy of Rs.400 and for pet coke it is 11%. Considering the steep increase, we have sought a reduction in levies”.
According to sources, the leaders from the healthcare sector sought from the Finance Minister fiscal incentives to set up hospitals in tier-II and tier-III cities.
Responding to the requests, FM Sitharaman assured that the disinvestment plan “was on track” and the Development Finance Institution announced in her recent budget speech would be operational soon. Liquidity would no longer be a concern, she added.
SAP launches cloud services to help Indian scaleups innovate m
SAP at SAP unveils now "GROW with SAP for Scaleups," a new cloud service d...
Denodo and Sonata form alliance to unlock data-to-value creati
Denodo and Sonata Information Technology India Limited (SITL) have annou...
Google Play Store will now let users download two apps simulta
Google Play Store now lets users download two apps simultaneously. While a...
Google Pay has added "Open Wallet" shortcut
With the introduction of the "Open Wallet" shortcut, Google Pay has impro...
LENOVO GROUP LTD.
NUMERIC INDIA, A Group Brand Legrand
RELIANCE JIO INFOCOMM LTD.
BEETEL TELETECH LTD.
Technology Icons Of India 2023: Amit Chadha
. An influential leader in the engineering services industry for over ...
Technology Icons Of India 2023: Sunil Vachani
Sunil Vachani is the founder and chairman of India-listed Dixon Techno...
Technology Icons Of India 2023: Harsh Jain
Harsh Jain is an Indian Entrepreneur, the co-founder and CEO of the In...
NPCI leading India towards Digital payments
The National Payments Corporation of India (NPCI) is an initiative tak...
BSE provides highly secure, efficient and transparent market for trading
BSE (formerly known as Bombay Stock Exchange Ltd.) is Asia's first & t...
HPCL is transforming the energy landscape, across the nation and beyond
HPCL is world-class energy company known for caring and delighting the...
SAVEX TECHNOLOGIES PVT. LTD.
Savex Technologies is the 3rd largest Information & Communication Tec...
TECHNOBIND SOLUTIONS PVT. LTD.
TechnoBind’s business model is focused on identifying and partnering...
BEETEL TELETECH LTD.
: Beetel is one of the oldest and most reputed brands in the Industry,...