Mocks at the “hollow” promises of the NDA government, Congress Chief Rahul Gandhi said that if his party comes to power, would permit anyone to start a new business without any clearances or permits and offer tax-free for first three years.
Ahead of elections in Karnataka on April 18 and April 23, Mr. Gandhi at a public meeting said that “the Congress manifesto promises to allow anyone to start a business without permits or clearances, with a tax holiday for the first three years to encourage entrepreneurship and create thousands of jobs across the country.”
Termed Karnataka as country’s start-up hub, the Congress Chief told the gathering that Congress has manifesto also promises to offer tax credits, incentives, and easy bank loans based on how many jobs a company or entrepreneur creates.
“No angel tax on investments in startups as it goes against entrepreneurship. We will abolish it to promote more startups for creating thousands of jobs,” added Mr. Gandhi.
Angel tax is levied on the premium that is paid on investments in unlisted firms and startups to curb “laundering” under the Income Tax Act, as their valuations have increased despite stagnant revenues.
Alleged Prime Minister Narendra Modi of taking money of common men by making them stand in lines for days during demonetization in November 2016, Mr. Gandhi claims that the Congress’ revolutionary Nyay Scheme would remonetize India, by crediting the bank accounts of around 25 crore people with Rs. 6000 per month or Rs. 72000 a year for 5-years.
The Congress Chief said that “we will also scrap the ‘Gabbar Singh Tax of the Modi government and replace it with a simple (saral), one rate minimum tax as the NDA government’s GST has looted traders and businesses.”
Mourns that the current unemployment rate was the worst in the previous 45-years, he claims that the NDA government’s flagship event such as “Made in India”, “Standup India”, and “Startup India” didn’t take off as no investments came from overseas or domestic investors.