Tax exemption for capital gain is a significant step: K S Bhatia, CEO, Pumpkart

Chandigarh: Pumpkart CEO KS Bhatia has hailed the Administration of UT Chandigarh for announcing various concessions for start-ups, saying that these measures will give a big boost to them and revive the startup ecosystem in the long run.

K S Bhatia

“I personally praise the UT Administration for giving tax exemptions to start-ups. Tax exemption for capital gain is a great step,” said Bhatia in a statement on Sunday, while advising the city administration to allow tax-free property registration.

“This will encourage more startups to come and invest in the region. Similarly, seed funding of Rs 50 crore is a good step but it should be increased to Rs 100 crore. Minimum seed funding should be Rs 50 lakh per start-up,” he added.

Bhatia, who has set up 150 plus stores of Agri machinery in Karnataka with a grant of two million US dollars from the Government of Karnataka, said that UT Chandigarh also needs Skill Centres along with incubation centers.

“The UT Administration should encourage logistics, fintech, and agri-tech startups who can contribute a lot in the economic development of both Punjab and Haryana. The government should make startup parks,” he said.

Reflecting further, Bhatia said: “In the startup parks, plots should be allotted to startups at a very reasonable price to some bigger startups who are leaving other cities like Bengaluru, Delhi, Mumbai, and Hyderabad. It will encourage them to work from startup parks instead of their head offices in their home cities. It will help us promote and maintain Chandigarh's startup ecosystem.” BW