COMMERCE and Industry Minister
Piyush Goyal on Sunday said that
removal of angel tax, which was introduced in 2012 by
the UPA
Government, for
all classes of
investors will
help startups
attract investments.
He also said
that the customs
duty reduction
forgoldandsilver
from 15 per cent
to 6 per cent will
notonlyhelpsmallartisansbutalsopromote the country's gems and jewellery
exports.
“The Budget 2024-25 has removed
the angel tax and through it, we will be
able to attract investors into the country,” he said here at a post-budgetinteraction with the industry.
FurtherGoyalinformed that thebudget has announced the setting up of 12
industrial townships in the country.
He said that one of these will be in
Maharashtra andit will help create jobs
and a strong
ecosystem for
theindustry and
trade.
The budget
has also
announced
steps to promote diamond
trade.
India is a
world leader in
the diamond
cutting and polishing industry, which employs a large
number of skilled workers. The budget
has announced that India would provide for safe harbour rates for foreign
miningcompaniessellingrawdiamonds
in the country. Angel tax (income tax at
30 per centrate) was imposed on funding raised by unlisted companies, or
startups,if their valuation exceeded the
company's fair market value.