Will there be relief in the budget from the burden of GST? Government can give option of easy loan - Newztezz Online

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Sunday, January 28, 2024

Will there be relief in the budget from the burden of GST? Government can give option of easy loan


During the Corona period, a strong boom was seen in the edtech sector. Which is now gradually decreasing. In such a situation, experts in this sector are expecting the government to reduce GST. Recently, when Byju's released its financial year 2022 results, it had to face net loss.

Edtech firm Byju's finally disclosed its financial report for the financial year 2022 on January 23, 2024, after a delay of 22 months. The figures reveal a huge gap between the company's revenue and net loss. Byju's consolidated revenue saw a growth of 54.2 per cent, from Rs 2,428 crore in FY2011 to Rs 5,298 crore in FY2012. However, this increase had a significant impact on the company's net loss, which increased from Rs 4,564 crore in FY 2021 to Rs 8,245 crore in FY 2022. The thing to note here is that during the Corona period, there was a strong growth in the EdTech sector. Which is now gradually decreasing. In such a situation, experts in this sector are expecting the government to reduce GST.

There is a need for innovation center

Anil Nagar, Founder, Adda247, says that with the Union Budget 2024 approaching, we expect a stronger focus on supporting the edtech sector. We hope that the government will reduce the 18% Goods and Services Tax (GST) on online learning resources, which is an important step. Make educational services more affordable and accessible. With the rise of hybrid/online education, there is a need to increase investment in tech infra in schools and colleges. We also hope to see some government-backed programs and innovation centres. Under the Skill India Mission, the government is focusing on upskilling programmes. We look forward to increased collaboration of private players in providing skills to India to make the youth employable.

This sector is also demanding reduction in GST

According to a recent report, India is dealing with a serious situation as there is a huge decline of 3.14% in the country's GDP due to road accidents. Steelbird MD Rajeev Kapoor says that my first proposal is to reduce the Goods and Services Tax (GST) on helmets from the current 18% to 5%. This step is considered necessary, as helmets are seen as life-saving devices, with the aim of making them economically accessible to the general public and resulting in increased overall compliance with helmet use.

Government can give option of easy loan

Mobikwik co-founder and CEO Bipin Preet Singh says that in 2024, we hope that the upcoming Union Budget will advance financial inclusion by increasing the credit corpus for MSMEs. This includes providing support to microfinance institutions (MFIs) and small finance banks (SFBs) to help meet their financing needs. To reach the industry in remote corners of the country, we expect incentives for fintechs that provide loan solutions beyond tier 2 and 3 cities.

Government should encourage foreign investment

Rahul Singla, Director, Mapsco Group, says that as we stand on the threshold of a new financial year, the Indian real estate sector is anxiously awaiting the Union Budget. In these unprecedented times, the real estate industry is looking towards its better future. Our expectation is for a Budget that recognizes the important role of the real estate industry in driving economic recovery. We expect policy interventions that promote growth, encourage foreign direct investment and streamline regulatory processes. A well-crafted budget should stimulate demand by providing incentives to home buyers and developers alike.

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