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EdTech sector needs tax cuts in this budget to cope with pandemic: Sumeet Jain, Co-founder, Yocket

Speaking in the upcoming Union Budget 2021, Sumeet Jain, Co-founder, Yocket  said, “EdTech companies expect help from budget 2021 for various tax cuts, easier credit access, and other benefits to cope with the Covid-19 pandemic.”

Expectations:

Union Budget 2021 Expectations: EdTech companies expect help from budget 2021 for various tax cuts, easier credit access, and other benefits to cope with the Covid-19 pandemic. Insights reflect precisely how EdTech companies developed in 2020. Therefore, the EdTech sector expects a few alterations in the budget for 2021.

GST reduction in online courses and career counseling:

Taxable supply implies an inventory of products or services or leviable to tax under GST. Likewise, the administrations given by an educational foundation to its aspirants, personnel, staff, or educational institutions are not needed to be burdened under GST. This may hamper the career choices and opportunities and may affect the country majorly. Educational institutions and courses are being taxed 18%, which should be reduced to around 5%.

Scholarships for the higher education fund:

The significance of education is very precious in the lives of people as well as countries as well. This is the exact motivation behind why numerous organizations have begun offering scholarships to meriting and praiseworthy aspirants.

Presently, with the assistance of study abroad scholarships accessible for essentially every course, the government shall provide more scholarship opportunities for deserving candidates that can seek help in their determinant decisions for the choice of career courses and University.

Development in digital courses/online learning:

Education on digital platforms is not being upgraded because the government does not take the initiative to collaborate with EdTech firms and companies to seek help and keep up the pace with technology.

Therefore, the government should cope with edtech companies to provide technology updates to assist in better online learning and provide effective results. Govt should set out a special fund for developing online courses. These courses can be provided to the larger public at subsidized rates.

The courses can be of small duration, having full-time access to specific topics that can help students from smaller towns and cities. These courses should also be recorded and made available in regional languages so that the growth of different socio-backed children doesn’t get hampered.

Preferability for online courses:

Many schools and universities do not yet favor online courses. Teachers and school authorities do not advise students to opt for online courses. Hence, the majority of students are unaware of the opportunity of online learning programs and their benefits. The government should step in and help in boosting the awareness of online learning courses and promote the online learning platforms making it sound credible for students and parents to accept. Also, the students face unprecedented challenges in understanding the digital infrastructure, so an awareness around the same should also be done to help society at large.

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