Giftxoxo expects innovative Budget for Startups

Gifting startup Giftxoxo.com has a lot of curiosity around what the upcoming budget will offer to startups. From ease-of-business to logistics and infrastructure, Bangalore based Giftxoxo expects many new initiatives from Budget-2016. The founders of Giftxoxo.com (Nreach Online Services Private Limited), aiming at spreading their innovative gifting experiences in market, shared their Budget wish-list with SMEpost.com– Implementation of […]

Gifting startup Giftxoxo.com has a lot of curiosity around what the upcoming budget will offer to startups. From ease-of-business to logistics and infrastructure, Bangalore based Giftxoxo expects many new initiatives from Budget-2016.

The founders of Giftxoxo.com (Nreach Online Services Private Limited), aiming at spreading their innovative gifting experiences in market, shared their Budget wish-list with SMEpost.com–

Implementation of Startup Policy to happen with immediate affect.

Interest & Penalty on delayed payments should be relaxed as this is not known by Start-ups in early days of business.

Implementation of PF/ESI/PT/Gratuity etc. to not be applicable in first 2 years of start up as Cash to Employee (CTE) is more critical than Cost to Company (CTC).

Relaxation of norms pertaining to Service Tax & Compliance burden as business model is still not developed in first few years of a Start up.

Reliance on Self Certification instead of Audits as these will help entrepreneurs to devote time, energy & resources to build on their innovative ideas.