Union Budget 2023: Plan for Educational Technology Sector

Union Budget 2023: Plan for Educational Technology Sector

In 2020 and 2021, investors flocked to the Indian Edtech market. But, the global market has shifted, and Edtech is experiencing a difficult period in India and globally. Education is a big deal in any economy. There is an education correlation that has helped economic growth. The Union Budget 2023 looks like the government will continue to prioritize expanding access to technology and education.

This might entail increasing funding for ed-tech companies, providing tax benefits to companies in the sector, and launching new campaigns to promote the use of technology. The metaverse is poised to take student learning to a new level. chatGPT will soon have a significant impact on and alter the IT sector. The idea is called the internet of the future; where users can interact, build skills, collaborate, etc., education is a big part of the future of India.

Most goods and services fall under GST. The GST Act is delicate in balancing education sensitivity and significance. Education is an integral part of a country’s future. Core educational services such as books are exempt from GST. Commercial education services like online courses and skill-based offline solutions are subject to this. The refund and exemptions are enormous. They will help education solutions providers make it to the tier 1 and 2 markets much cheaper.

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