Removal of angel tax to help startups attract investments: Piyush Goyal
Commerce and Industry Minister Piyush Goyal has said that removal of angel tax, which was introduced in 2012 by the UPA government, for all classes of investors will help startups attract investments. He noted that angel tax (income tax at 30 per cent rate) was imposed on funding raised by unlisted companies, or startups, if their valuation exceeded the company's fair market value.
The minister also said that the customs duty reduction for gold and silver from 15 per cent to 6 per cent will not only help small artisans but also promote the country's gems and jewellery exports. Further, he said the budget has announced the setting up of 12 industrial townships in the country. He said that one of these will be in Maharashtra and it will help create jobs and a strong ecosystem for the industry and trade.
He also said the budget has also announced steps to promote diamond trade. India is a world leader in the diamond cutting and polishing industry, which employs a large number of skilled workers. The budget has announced that India would provide for safe harbour rates for foreign mining companies selling raw diamonds in the country.
