Budget 2024: Modi Govt Urged to Remove "Angel Tax" for Easier Start-Up Fundraising

Budget 2024: Modi Govt Urged to Remove "Angel Tax" for Easier Start-Up Fundraising | Firstpost Tech & Trade

India is set to receive its full-year Budget for the financial year 2024-2025 on July 23. The country’s thriving start-up ecosystem is eagerly awaiting it, hoping for changes or the abolition of the "angel tax", which they consider a hindrance to their growth. The angel tax was first introduced in 2012 to prevent money laundering by levying a tax on the share sales of unlisted firms. It is imposed on a start-up when they raise funds that exceed their market value. The government levies over 30% tax on these excess funds. Start-ups say it deters potential investors and reduces the net investment they receive. Removing the angel tax could foster a more supportive environment for start-ups, spurring growth and innovation. The move is also supported by Paytm founder Vijay Shekhar Sharma and Zerodha founder Nikhil Kamath.

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