Budget 2018: Fintech start-up’s expectation

Category : FinTech

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Posted On : 01st, February 2018

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Budget 2018: Fintech start-up’s expectation

01st, February 2018    -    FinTech

Fintech Startup industry is growing exponentially this year some of the senior people in the industry said. Government has announced many initiatives to increase the digital payments and technology infusion in the sector has opened the doors for many opportunities.

As per the report of Payments Council of India, the lobby group of digital payment companies said: "The government should consider providing tax relief to merchants accepting digital payments on overall incremental values, especially to those with annual turnover of Rs 20 lakh as proposed by the central bank."

With the Budget 2018, Fintech industry is keeping hopes on positive initiative to kick start the growth in the industry. Some of the incentives they are looking increase in tax exemption, incentives to merchant to join the digital wallet payment system, tax on investment etc..

They have suggested to the finance ministry that there is a need to look into the amounts on which consumers can seek exemptions - like for savings balances interest above?10,000 gets taxed, as per the report in ET. 

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