dpiit: DPIIT, income dept weigh choices for extra tax relaxations to startups: Official

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New Delhi, Might 30 (PTI) The income division and DPIIT are working collectively to see what extra relaxations might be given to startups underneath direct and oblique tax regime with a view to advertise budding entrepreneurs, a high authorities official mentioned on Saturday.

Secretary within the Division for Promotion of Business and Inner Commerce (DPIIT) Guruprasad Mohapatra mentioned that they are going to be submitting a complete imaginative and prescient doc for startups to the Cupboard, which has proposed collection of steps.

Speaking in regards to the host of measures on which they’re working, he mentioned the DPIIT will likely be extending extra funds this 12 months to startups underneath the Fund of Funds scheme. It has supplied over Rs 1,000 crore final 12 months.

“Proper now the taxation crew of department of revenue and startup India crew from DPIIT are working collectively to see what additional relaxations might be given within the direct and the oblique tax regime. We’re additionally making an attempt to offer advertising help to these startups who’re into manufacturing by offering them area underneath the general public procurement scheme of the central authorities,” Mohapatra mentioned.

He was talking at Rajasthan STRIDE digital conclave, which was organised by Secretary within the Division of Science and Know-how, Authorities of Rajasthan Mugdha Sinha.

Mohapatra mentioned the important thing parts of the startup India imaginative and prescient paperwork embody rising Fund of Funds, seed money scheme, credit score assure scheme, and making it obligatory for all departments to advertise incubators and hand-hold startups.

“What we are attempting to do is to make issues easier for them. We at the moment are considering to begin a seed cash type of an idea for these startups who come from a ideation stage to a proof of idea stage.

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