Interim Budget: Focus on technology, R&D a step in the right direction

The interim Budget of 2024-25, announced by the Finance Minister Nirmala Sitharaman covers a number of sectors and industries. From a considerable push for infrastructure, to sustainability, the Budget had provided a picture on the priorities of the government.
Smita Singh, Partner – Indirect Tax, Customs & Trade at S&A Law Offices, highlighted a pivotal change in the GST framework, emphasizing, “Distribution of Input Tax Credit (ITC) received on common services as an Input Service Distributor (‘ISD’) was not mandatory earlier. Now, keeping in view of recommendations of the GST Council, an amendment in the definition of ISD and Section 20, which talks about the manner of distribution of ITC by an ISD, has been proposed.” This amendment marks a significant shift in GST compliance, although it prompts a need for “a detailed clarification regarding the distribution of GST paid under RCM.”
Shubham Jhuria, CFO & Partner at Aeravti Ventures, lauded the budget’s forward-looking initiatives, stating, “The Interim budget announced by the government has kept the ship sailing in the right direction by announcing a couple of key initiatives with long-term implications.” He praised the focus on DeepTech growth and the promotion of R&D through interest-free loans as foundational steps towards significant post-election economic planning.
Echoing the sentiment of progress, Rohit Bansal, Co-founder – Titan Capital and Snapdeal, described the budget as outlining “a transformative vision by the government, building on a decade of positive change.” He highlighted its comprehensive approach, emphasizing innovation, trade, and investment as critical to achieving a “ViksitBharat2047.”Kunal Bahl, also a Co-founder of Titan Capital and Snapdeal, reinforced the vision for a developed India, pointing out that “The vision of ‘Viksit Bharat 2047’ is built on the strong foundations of decisive governance, inspirational leadership, and a proven track record of delivering digital, physical, social infrastructure.”Bharath Aitha, Vice President of Marketing for eInfochips, expressed his enthusiasm for the budget’s alignment with technological advancement, noting, “We are immensely gratified to see the Government’s latest Union Budget aligning closely with our aspirations for a technologically advanced and innovative India.” He particularly welcomed the Rs-1 lakh-crore corpus for technology financing as a landmark move.Neha Suyal, Co-founder at Woovly, acknowledged the budget’s support for startups and technology sectors, saying, “The interim Budget 2024-2025 reflects the Government’s robust support for the startup and technology sectors.” She expressed excitement about the opportunities these initiatives would bring to the startup ecosystem.


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