SME Times is powered by   
Search News
Just in:   • US stocks rally amid trade optimism, economic data  • HDFC Bank's Q3 net profit up 20%  • Centre may miss divestment, fiscal deficit targets  • CII suggests measures to help MSME sector  • Imran Khan seeks expedition of CPEC projects 
Last updated: 12 Apr, 2018  

startup.thmb.jpg Startup India has created large-scale jobs: Commerce ministry

startup-india-20102016.jpg
   Top Stories
» Centre may miss divestment, fiscal deficit targets
» CII suggests measures to help MSME sector
» FICCI for housing scheme for women garment workers
» India's debt up 50% to Rs 82 lakh cr under Modi govt
» Big relief to startups, investors as govt liberalises norms
SME Times News Bureau | 12 Apr, 2018

The 'Startup India' initiative has helped the government to generate large-scale employment, said the Commerce ministry on Thursday.

"Government of India launched the ‘Startup India’ initiative on January 16, 2016 to build a strong eco-system for nurturing innovation and entrepreneurship.  This measure of the Government is helping create large scale job opportunities across the sectors and increase economic growth of the country," said the ministry.

As part of this initiative, DIPP has issued gazette notification constituting a broad based Inter-Ministerial Board (IMB) to consider applications of Startups for claim of certain incentives.

Startups are exempted from levy of income tax on share premium received by eligible Startups under section 56 of the Act.

They are also given 100% deduction of the profits and gains from income of Startups for three out of seven consecutive assessment years under 80 IAC of the Act.

Applications for certification of startups under section 56 and Section 80 IAC of the Act will be submitted through an online portal to DIPP. These applications will be considered by IMB for certification, it said.

"As a continuous endeavour of the Government to facilitate startup eco-system in the country, DIPP has been holding regular stakeholder consultations including with Government ministries/ departments, regulators, angel investors and startups," the ministry said.

With the introduction of amendments through this notification, startups are likely to have easy access to funding which in turn will ensure ease in starting of new businesses, promote startup eco-system, encourage entrepreneurship leading to more job creation and economic growth in the country, it added.

 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

Interested
Amith Nair | Fri Apr 20 04:47:36 2018
We are exporters of Indian Fresh Fruits and Vegetables. What kind of support we can expect for our mutual business future growth. We have recently started over Middle eastern countries - Dubai Kindly deviate Thanks and regards Amith Nair amithsam31@gmail.com 919754977143


Indian startups
goodbetterlife.com | Tue Apr 17 06:43:10 2018
Hi, I run GoodBetterLife.com


How do I register my company as startup?
Vikas.FlairTales | Tue Apr 17 06:41:56 2018
Hi, I wish to get more info on the startup India initiatives.


StartUp India and Job Creation
Klariti TaxCorp LLP | Sat Apr 14 08:39:48 2018
StartUp India has created a Buzz in the Indian Market. Further, it's only via StartUp's that we can solve the employment issue in India.


 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 20 Jan, 2019
  Daily Poll
Is counterfeiting a major threat to SMEs?
 Yes
 No
 Can't say
  Commented Stories
» HostBooks Ltd. offers a seamless GST filling experience: Kapil Rana(3)
» Ashok Leyland to launch 13-seater passenger vehicle, LCV(1)
» CII welcomes GST Council steps as MSME friendly(1)
» Hyperloop start-up Arrivo to shut down: Report(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter