Rahul Garg, Founder, Moglix, e-commerce firm The Noida-based start-up, a pioneer in delivering food to passengers travelling by train, was slapped with an ‘angel tax’ order of Rs 2.30 crore on 21 December. Even abandoning income tax for people and increasing it on luxury consumption could have a huge effect in giving a fillip to the economy. “Angel tax issue is not fully resolved except that they are saying that there will be no scrutiny, and they are saying there will be more leniency. In Aravind’s opinion, angel tax should be completely abolished. New Delhi, Jan 16 Industry think tank iSPIRT has written to Prime Minister Narendra Modi urging the government to abolish tax on angel investments that … 'Angel Tax' hits Indian startup ecosystem, iSPIRT writes to PM Modi for relief - Industry think tank iSPIRT has written to Prime Minister Narendra Modi urging the government to abolish tax on angel investments that has "victimised" many startups and poses a … PTI New Delhi | Updated on March 28, 2019 Published on March 28, ... Angel Tax is … Angel tax is levied on investment in start-ups. Angel tax caused a lot of heartburn in the ecosystem. In a major move in the fight against period poverty, tampon tax - the 5% rate of VAT charged on the sale of sanitary products - has finally been … While the tax was abolished, we should be careful of any policy that hurts the startup ecosystem. In an exclusive interview to PTI, he also promised to remove the existing ‘angel tax’ imposed on start-ups. The startup industry does not seem to be very impressed with Congress President Rahul Gandhi's promise to abolish angel tax given that a lot of work to reform it is already under progress. Before that, a few entrepreneurs started a petition on Change.Org demanding that angel tax be abolished as it went against the spirit of the Startup India programme initiated by Prime Minister Narendra Modi. Congress to free new ventures from regulations, abolish Angel Tax. Congress president Rahul Gandhi said on Monday that if voted to power, the Congress would abolish the so-called angel tax — a 30% levy on foreign … “After attaching legal proceedings, it normally takes 2-3 years for a case to close. But I think they need to still remove all the possible issues which startups can face and also make sure startup registration happen at an accelerated level, time line needs to be more efficient. On 5 February, the Central Board of Direct Taxes (CBDT) froze the company’s four company accounts and … Angel tax was also a major factor responsible for the drop in angel and seed funding in Indian startups last year.
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