'Cut taxes to motivate cos to invest in corporate health insurance' - Deccan Herald

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‘Motivate cos to invest in corporate health insurance’

DH Contributor, Jan 30 2022, 15:03 istupdated: Jan 30 2022, 15:03 ist

By Saransh Garg, Co-founder and CEO of Nova Benefits,

Cutting taxes to motivate companies to invest in employee wellness services and corporate health insurance is the need of the hour. Presently, the GST levied on the purchase of health insurance policies or renewal of existing policies stands at 18 per cent. This number, which was reached after an increase of 3 per cent on service tax in the erstwhile tax regime, has turned out to be a source of additional financial burden on startups buying health insurance for their employees. Therefore, the expectation from the forthcoming union budget is to see a reasonable rebate on GST as far as health insurance is concerned. It is important to note that the Indian government has done its fair bit, especially with the prudent exemption of Angel Tax. Beginning 2019, this relief encouraged far greater diversity among investors, with a 93% increase in the number of startups eligible for exemption from Angel Tax in 2021. But that’s just one exemption – among countless others awaiting implementation and intended as a breather to Indian startups.

In my opinion, relaxing IPO-centric regulations is critical. At the moment, due to regulatory restrictions and requirements, IPO documents are required to call out all risks associated without being able to balance it enough with all the future potential of the company’s success. India’s startup ecosystem is on its way to reaching its full potential. Investors now have the scope to expand their portfolios by taking chances with loss-making companies. This, with the assumption that they will be profitable in the future – a true indicator of a maturing ecosystem.

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