Removing angel tax for startups to help attract investors: Piyush Goyal

Goyal said the reduction in customs duty on gold and silver from 15 per cent to 6 per cent will not only help small artisans but will also have a positive impact on exports of the country’s gemstones and jewellery. (Photo: ANI)

2 minutes of reading Last updated: July 28, 2024 | 16:28 IST

Commerce and Industry Minister Piyush Goyal on Sunday said the removal of angel tax, introduced in 2012 by the UPA government, for all types of investors will help startups attract investments.

He also added that reducing customs duty on gold and silver from 15 to 6 percent would not only help small artisans but would also have a positive impact on exports of domestic gemstones and jewelry.

“The budget for 2024-2025 abolished the business angel tax, which will help us attract investors to the country,” he said during a meeting with industry representatives after the budget announcement.

Goyal further informed that the budget announced the setting up of 12 industrial cities in the country.

He added that one of them will be set up in Maharashtra and will help create employment and a strong ecosystem for industry and trade.

The budget also announced actions aimed at promoting the diamond trade.

India is a world leader in the diamond cutting and polishing industry, employing a large number of skilled workers. The budget announced that India will provide safe rates for foreign mining companies selling rough diamonds in the country.

The business angel tax (30% income tax) was levied on funds raised by unlisted companies or start-ups if their valuation exceeded the company’s fair market value.

(Only the headline and image of the report may have been edited by the Business Standard team; the rest of the content is automatically generated from a syndicated feed.)

First published: July 28, 2024 | 16:28 IST