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Last updated: 09 Feb, 2019  

startup.thmb.jpg Govt pushing startup eco-system: Minister

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SME Times News Bureau | 09 Feb, 2019

The Government of India has continuously engaged with all stakeholders to address relevant issues related to the Indian Startup eco-system, said a Commerce Ministry statement.

The Department for Promotion of Industry and Internal Trade (DPIIT) issued notification in April 2018 for easing the norms for providing tax exemption to the Startup companies and further amended the notification on 4th February 2019, said the statement.

Provided that in case the approval is requested for shares already issued by the Startup, no application shall be made if assessment order has been passed by assessing officer for the relevant financial year, it added.

The application, accompanied by the documents specified therein, shall be transmitted by DPIIT to CBDT with the necessary documents.

CBDT within a period of 45 days from the date of receipt of application from DPIIT may grant approval to the Startup or decline to grant such approval.

The Government has not conducted any survey to assess the adverse effects of angel tax on the Indian startup ecosystem.

This information was given by the Minister of State of Commerce and Industry, C. R. Chaudhary, in written replies in the Rajya Sabha .

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