Union Budget – How it will benefit the pet care industry

The Indian middle class, who has sought tax reductions for the past 8 years, has received a huge reprieve with the release of this year’s budget. The government has significantly benefited the middle class by raising the tax exemption threshold from Rs 5 lakh to Rs 7 lakh. In a similar vein, the initiatives launched for startups are a good step in that they assist them in overcoming the challenges they encountered during the trying years of the pandemic caused by Covid-19.

The measures

Image representing pet care industry

Finance Minister Nirmala Sitharaman stated that the government’s top priority is to support startups. In keeping with this thought, it was announced that the tax break for startups would be extended by one year until March 31, 2024. Furthermore, this facility will be available to startups within the first ten years of incorporation, up from seven years previously.

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