No long term capital gains tax for at least two years for investing in startups. That is perhaps the biggest game changing suggestion made in a report titled "Financing The Startup Ecosystem by a parliamentary panel headed by former Minister of State for Finance, Jayant Sinha.
It is not incumbent on Parliament to accept and legislate the recommendations, but this suggestion is being applauded by the startup ecosystem for it can attract domestic and foreign capital. Its being seen as a good way to also get Indian HNIs to invest in startups. The panel goes on to suggest that after the two-year period of no LTCG, a securities transaction tax can be levied to ensure revenue neutrality and make the taxation regime "fairer, less cumbersome and transparent".
This recommendation can create a level playing field between listed and unlisted securities. There is also a suggestion for life and non-life insurance companies to be allowed by the regulator to invest directly in private equity funds and venture capital funds. The idea is of course to attract more capital and make the entire startup ecosystem more robust.
Here's ET Now's Nayantara Rai interviewing two venture capitalists on the House Panel's bold suggestions: Karan Mohla, Partner & ED, Chiratae Ventures as well as Sanjay Swamy, Managing Partner, Prime Ventures.
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