10 KEY EXPECTATIONS FOR BUDGET 2024 FROM FINTECH COMPANIES
Published By Moushumi Mahanta | 22 Jul, 2024
Fintech companies hope the government will balance reforms with fiscal prudence in Budget 2024.
There is a push to lower the TCS on international transactions from 20% to 1% to ease financial strain on students and travelers.
Credit : PEXELS
An increase in the TCS threshold to <span class='webrupee'>₹</span>10 lakh is sought, with a call to include credit cards under TCS for fair competition.
Credit : PEXELS
Issuing digital banking licenses is anticipated to enhance financial inclusion, innovation, and streamline operations while reducing costs.
Credit : PEXELS
A rise in the Liberalised Remittance Scheme limit to $500k is requested to benefit cross-border transactions.
Credit : UNSPLASH
Budget 2024 should encourage the adoption of digital banking through tax benefits or subsidies to increase financial inclusion and economic growth.
Emphasis is needed on funding advanced cybersecurity infrastructure to protect digital transactions and consumer data.
Credit : PEXELS
Continued focus on enhancing digital public infrastructure is crucial for achieving the $5 trillion economy goal, with support for smart cities and AI centers.
Credit : PEXELS
Enactment of policies and incentives, such as tax benefits, tax holidays, and removal of angel tax, is needed to foster the growth of startups and the fintech ecosystem.
Credit : UNSPLASH
Streamlining regulations and creating favorable policies to boost digital infrastructure and innovation in the fintech sector is essential.