Updated January 31st, 2024 at 20:25 IST
Lower tax bracket on education expected in Interim Budget: Experts
Tax exemptions, lower GST and research grants expected from Finance Minister’s announcements tomorrow
- 2 min read
Edtech expectations: The education technology, or edtech segment is anticipating tax relief and grants to propel the growth of the segment, as well as deliver quality education to students.
Ahead of the interim budget presentation on February 1, experts in companies providing skills and value to students aspiring for higher education placed their faith in the government’s continued support for the sector.
Siddharth Banerjee, CEO, UNIVO Education said the government will surely consider relevant tax exemptions and lower GST rates to bridge the skill gap.
“Given the importance of quality online education, the government will surely consider relevant tax exemptions and lower GST rates to bridge the skill gap, along with encouraging reduced and subsidized interest rates on educational loans for aspiring students across the nation,” he said.
The Noida-based company has partnerships with universities and educational services.
Sarvesh Agrawal, Founder and CEO of Gurugram-based internship and online training platform Internshala.com said entrepreneurs leading edtech businesses are hoping for a lower tax bracket on educational goods and services.
“This will give a significant boost to the education sector and make skill based education more accessible for all,’ he added.
The edtech sector has seen a slump after the brick-and-mortar model of learning took prevalence for K-12 and test preparation.
The sector is now expected to rise on the back of skill development and higher education.
Mutual Funds-like campaign?
Rohit Gupta, co-founder of College Vidya said they expect the government to launch a new campaign for online education akin to mutual funds to make it more accessible.
“This budget might include initiatives to bridge the digital divide like providing affordable internet access to remote areas can be a game changer for the whole education system. We also expect the government to launch a new campaign for online education, similar to Mutual fund,” he said.
These steps will not only boost online education startups but also make quality education more accessible across the country, he added.
Published January 31st, 2024 at 20:25 IST