The government of India has been keen on promoting the Startup India initiative ever since it came to power. Keeping in line with its initiative, under its Startup India, Stand Up India program the Government of India has extended tax benefits to sixty-seven startups till date. The official announcement about this was made by Minister of State for Commerce and Industry C R Chaudhary.
While speaking at the Startup India States conference, the minister mentioned that about 3,576 startups have been recognised as on September 7, out of which tax benefits were given to 67 innovative startups. Till date, the Department of Industrial Policy and Promotion (DIPP) has considered 671 startups for income tax exemption. Chaudhary said here while addressing the startup India states conference.
“3,576 startups have been recognised as on September 7 and tax benefits have been given to 67 innovative startups,”
He further added
“We are here to support you. Whenever you need any assistance or help, we are there for that,”
2016 witnessed Prime Minister Narendra Modi announcing the way forward to Digital India and a big boost to the Startup community. During this year’s budget the Finance Minister Arun Jaitley stated that firms that were incorporated after March 31, 2016 could avail a tax holiday for three out of seven years, from the date of incorporation. Earlier, the limit was for three out of five years.
In January 2016, Prime Minister Narendra Modi had unveiled a slew of incentives to boost start-up ecosystem, offering them a tax holiday and inspector raj-free regime for three years, capital gains tax exemption and Rs 10,000 crore corpus to fund them.
Speaking at the conference, DIPP Secretary Ramesh Abhishek said 15 states have formulated their startup policies and through that they are facilitating the young businesses.He informed that Rs 1,587 crore funds were given to startups so far besides intellectual property related benefits were extended to 639.