Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<ul><li>According to a <keyword id="2496484" type="PERSON" weightage="20" keywordseo="KPMG-report">KPMG report</keyword>, VC <keyword id="1391756" type="PERSON" weightage="20" keywordseo="Investments-in-India">investments in India</keyword> dipped to $2.2 billion in the first quarter of 2020. </li><li>In the last three months of 2019, the number was as high as $6 billion. </li><li>India’s VC deals were affected as a significant amount of investments in the country come from international VC firms and corporates.</li></ul>In the wake of the coronavirus pandemic, businesses around the world have been impacted. Investments have halted as businesses went into a ‘wait and watch’ mode. But the impact of coronavirus in India began even before the lockdown was put in place. According to a KPMG report, <keyword id="502164" type="PERSON" weightage="20" keywordseo="VC-investments">VC investments</keyword> in India dipped to $2.2 billion in the first quarter of 2020. In the last three months of 2019, the number was as high as $6 billion. But with the coronavirus panic only growing in India and the number of cases rising despite a lockdown, the future seems grim for VC investments. “VC investors are already starting to ask the question, ‘How will your business be impacted by COVID-19?’ This is a question everyone will be asking for the next few quarters. Here in India, we are beginning to feel the full impact of the virus. Over the next quarter, while the pipeline will likely remain strong, deal flow is expected to slow down. A lot of deals will probably get deferred to the later half of the year,” said Nitish Poddar, partner and national leader - Private Equity, KPMG in India in a statement. India’s VC deals were affected as a significant amount of investments in the country come from international VC firms and corporates. Sectors to watch out for In the first three months of 2020, edtech emerged as the clear winner as investors pinned hope on the sector that is seeing growth and transformation. Some of the biggest investments were unicorn startup Byju’s raising $400 million, Unacademy getting a $110 million cheque, and Aakash Educational’s acquisition of Meritnation. All edtech <keyword id="6362513" type="UNKNOWN" weightage="20" keywordseo="startups">startups</keyword> have opened up their courses and classes for free and have already seen a surge in the number of users. In March alone, Byju’s saw 6 million new students on its platform, while Unacademy crossed one billion minutes of watchtime of its content on its platform and across its YouTube channels in the month of March 2020. In addition to edtech, sectors like gaming, autotech, healthtech especially fitness could witness an uptick in investments, says the KPMG report. Because of the lockdown, the gaming sector has already seen a massive jump in the number of players. Paytm First Games expects it to cross 10 lakh in coming weeks, while Winzo has seen concurrent users increasing by 30%-40% day on day and the paid conversions have increased by 20% on the platform. See Also: <a href="https://www.businessinsider.in/business/news/as-malls-continue-to-stay-shut-retailers-turn-to-the-government-for-support-for-rent-waivers-gst-concessions-and-more/articleshow/75405599.cms">As malls continue to stay shut, retailers turn to the government for support for rent waivers, GST concessions and more</a> <a href="http://businessinsider.in/india/news/rice-miller-krbl-has-enough-supply-and-demand-but-little-material-to-pack-them-in-due-to-coronavirus-lockdown/articleshow/75406664.cms">India's top rice miller KRBL has enough supply and demand but little material to pack them in</a>

VC investments in India dipped to $2.2 billion in the first three months of 2020, and experts see a grim future

<ul><li>The Indian government and its various agencies have disavowed the ‘FORCE’ report which proposed a <keyword id="46812" type="COMPANY" weightage="20" keywordseo="Wealth-Tax">wealth tax</keyword> on the super rich as well as a 4% Coronavirus cess. </li><li>The <keyword id="121964" type="ORGANIZATION" weightage="20" keywordseo="Central-Board-of-Direct-Taxes">Central Board of Direct Taxes</keyword> (CBDT) has said that an inquiry has been issued against the 50 <keyword id="150653" type="ORGANIZATION" weightage="20" keywordseo="Indian-Revenue-Service">Indian Revenue Service</keyword> (IRS) officers who were involved with the report. </li><li>The IRS Association (IRSA) and the Income Tax (IT) Department claim that the report does not represent their views even though it was released through their official Twitter account. </li></ul>A policy paper suggesting that a wealth tax and a 4% Coronavirus cess should be levied on the super-rich has been disavowed by four departments of the government. The finance ministry, Central Board of Direct Taxes (CBDT), Indian Revenue Service Association (IRSA) and Income Tax (IT) Department collectively claim that no permission was sought before the report was made public. This is despite the fact that the paper titled Fiscal Options and Response to COVID-19 Epidemic (<a href="https://www.businessinsider.in/finance/news/the-super-rich-in-india-may-face-wealth-tax-and-one-time-covid-19-relief-cess-of-4/articleshow/75388641.cms">FORCE</a>) was released from the <a href="https://twitter.com/IRSAssociation/status/1254082969083363330">IRSA’s official Twitter handle</a>. The CBDT now launched an inquiry against the 50 IRS officers who authored the report, for violating conduct regulations. “No permission was sought by the officers before going public with their personal views and suggestions on official matters, which is a violation of extant conduct rules. Necessary inquiry is being initiated in this matter,” said the agency in a statement. <div type="twitter" handle="IRSAssociation" handlename="IRS Association" image="http://pbs.twimg.com/profile_images/1251114829697474560/8Y_C3ngf_normal.jpg" favoritecount="1936" retweetcount="470" status="The paper FORCE by 50 young IRS officers suggesting policy measures had been forwarded by IRSA to CBDT for consider… https://t.co/lsMtVj389X" createdat="1587902589000" id="1254380493753036800"></div> A finance ministry official told <a href="https://theprint.in/economy/modi-govt-distances-itself-from-covid-tax-to-act-against-irs-officers-who-floated-idea/409471/">The Print</a> that the paper was an ‘irresponsible act’ and ‘an act of indiscipline prima facie’. Concurring with the official statement, he said that the report had not been submitted to the CBDT, finance ministry or the Prime Minister’s Office for review before going public. The outrage The FORCE report suggested levying a 40% tax on people with an income over ₹1 crore or a wealth tax on those earning more than ₹5 crore. “Administratively, the former will be simpler to implement. However, the revenue gain associated with both options should be worked out to see whether the gains attached with the latter option score better in terms of a cost-benefit analysis,” said the report. It proposed that the resulting revenue should be blocked off by the government to invest into five to ten of the most crucial projects, which could help revive the Indian economy. In addition, the report also suggested a 4% COVID-19 relief cess on anyone earning more than ₹10 lakh that could garner ₹15,000 - ₹18,000 crore in tax revenue. The collection would, in turn, be used to finance capital investment for relief work. The recommendations triggered a fierce debate, both online and offline, on whether or not a global pandemic was the right way to issue higher taxes since more businesses and salaried individuals are already facing a cash crunch. The lockdown has left many with lesser remuneration as salaries get cut and business slows down. According to the report, the ‘super rich’ had a higher obligation toward the larger public good during such trying times, which is why the higher tax was suggested. It’s unclear whether this is an act of scapegoating or a genuine violation of the rules since the original Tweet has not been removed and it took the IRSA a whole day to refute it. See also: <a href="https://www.businessinsider.in/finance/news/the-super-rich-in-india-may-face-wealth-tax-and-one-time-covid-19-relief-cess-of-4/articleshow/75388641.cms">The super rich in India may face wealth tax and one-time COVID-19 relief cess of 4%</a> <a href="https://www.businessinsider.in/india/news/rice-miller-krbl-has-enough-supply-and-demand-but-little-material-to-pack-them-in-due-to-coronavirus-lockdown/articleshow/75406664.cms">India's top rice miller KRBL has enough supply and demand but little material to pack them in</a> <a href="https://www.businessinsider.in/business/ecommerce/news/amazon-to-use-covid-19-parcel-special-trains-in-india-to-transport-goods/articleshow/75407283.cms">Amazon to use Covid-19 Parcel Special trains in India to transport goods</a>

No tax on India's super rich — government issues an inquiry against 50 IRS officers who released the 'FORCE' report

You Searched For "KRBL rice" and got 2 results

VC investments in India dipped to $2.2 billion in the first three months of 2020, and experts see a grim future

Sanchita Dash

No tax on India's super rich — government issues an inquiry against 50 IRS officers who released the 'FORCE' report

Prabhjote Gill

Popular Keywords

Buying Guides