“The Congress manifesto promises to allow anyone to start business without permits or clearances, with tax holiday for the first three years to encourage entrepreneurship and create thousands of jobs across the country,” Rahul Gandhi Said. Terming Karnataka as India’s start-up hub, Gandhi told the gathering that his party’s manifesto also promised to provide incentives, tax credits and easy bank loans based on how many jobs an entrepreneur or a company create.
“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,”
Angel tax is levied on premium paid on investments in startups and unlisted firms to curb “laundering” under the Income Tax Act, as their valuations increase despite stagnant or declining revenues. Prime Minister Narendra Modi of taking money of the ordinary citizens by making them stand in queues for days during demonetization in November 2016, the Congress chief said the party’s revolutionary Nyay scheme would remonetize India, by crediting in the bank accounts of 25 crore people Rs. 6,000 per month or Rs. 72,000 per year for 5 years. “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,” he said.