Here are the expectations:
Anand Kumar Bajaj, Founder, MD & CEO, Pay Nearby:
"The digital payments space has proved its mettle as a stable growth avenue during the pandemic. A positive impact was seen on digital payments due to benign taxation for self-service digital customers. To ensure the same benefits reach the less-savvy citizens, our government could waive GST and TDS for financial inclusion services at Business Correspondent (BC) outlets across India. A GST and TDS waiver will help reduce the cost of offering seamless financial services and help high-end tech reach the technology-oblivious segment. We stand with the government's intent of taking digitization to the last mile and passing the GST waiver benefit to end-users, as this will push for greater financial inclusion and a digital economy in the country. Moreover, low-income citizens are mostly catered to by low-earning retailers who barely cross the value of taxable income, and hence, do not file IT returns to claim a refund of TDS. Thus, TDS is only a cost to them and not a refundable deduction because they do not know how to take a refund by filing returns. We sincerely hope that TDS for income below ₹ 50,000 a year can be waved off"
Bhavin Patel, Co-founder & CEO, Len DenClub:
"The economy is projected to gradually return to its previous trajectory, with fiscal priorities in the upcoming budget invigorating it. A regulatory body to oversee payment recovery is the need of the hour. An enhanced procedural aid to the legal recovery of repayments from digital borrowers to further protect the rights of those who lend money. Such a specialized government vehicle to oversee fintech could not only help startups run more effectively, following compliance requirements, but it would eliminate possible fraudsters. Returns from investments in Peer-to-Peer (P2P) Lending could be exempted from tax under Section 80C of Income Tax law, or a different provision could be carved out to reduce tax rates, such as tax exemption for gains below ₹ 20,000. This will encourage people across geographies to invest in P2P lending, making funds accessible on multiple platforms. P2P lending plays a significant role in empowering small businesses in India. Tax benefits in P2P lending will magnify the growth of businesses when capital from P2P platforms is diverted to the sector."
Pratik Gore, Co-founder & CEO, 5ire:
"Crypto technology and blockchain are long-term phenomena that are not going away. And as the government regulations focus on protecting its constituency from the bad it does, it should also look towards utilizing its power of good for better governance and accountability. India has been a significant player in developing solutions for the rest of the world with modern technology; it is high time we become a model of utilizing it ourselves. The Union budget should include more resources to make our cities into more efficient, better governed, smart cities. Lastly, the Union Budget 2022 can be a starting point for adopting the UN 2030 Sustainability goals not only in words but in spirit to address a spectrum of work areas, chief among them environmental sustainability, or the intentional and careful use of natural capital such as water, air, solar, mineral resources, timber, and land."
Lalit Meta, Co-founder & CEO, Decimal Technologies:
"Fintech players have already shown willingness to work with the government to curb the menace of the illegal digital lending apps. Budget 2022 should introduce regulations that will help in greater credit access to MSMEs and curbing illegal activities, while building trust in the digital lending process for the last mile. In line with the government's goal of creating a digital economy, introducing credit schemes will incentivize the sector and help in providing timely credit to MSMEs that have struggled due to the lack of credit accessibility through traditional means of lending, which has directly affected their business opportunity."
Ashraf, Founder & CEO, gilded:
"Gold has always been an important part of savings/ investment/ wealth portfolios not only in India but also across the world. In India, however, investment in gold is as much a cultural phenomenon as it is a financial one. This cultural tradition has adapted to the times with the introduction of digital gold. This new, convenient, and safer way to access physical gold has seen increased investments from new-age first-time investors. Millennial and Gen Z age categories undoubtedly take to this storage-proof, quality-assured, easy-to-transact new-age asset. Multiple wealth-tech applications have come to the fore, highlighting the growing need for a progressive regulatory framework for this asset class. Currently, capital gains on profits from the sale of gold can be as high as 20 per cent, compared to profits on shares taxed at 10 per cent. An alignment among the tax regimes for investments would give investors greater flexibility in choosing the assets that best fit their needs as a store of value and foundation for wealth creation."
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