New Delhi: Commerce & Industry Min. Nirmala Sitharaman on Monday hinted at additional tax benefits for startups in the coming budget, being presented on 1st February.
The Ministry has urged the Fin. Min. to increase startups tax holiday to 7 years over present 3 years.
She also said that input about keeping startups out of MAT (Min. Alt. Tax) have also been given.
She reiterated the govt’s commitment towards improving laws and involving the state governments for the exercise.
The Minister directed the DIPP secretary, Mr. R. Abhishek to arrange an interaction with SDBI, RBI, others banks and VCs to discuss related matters.
Sitharaman was addressing at the first anniversary function of Startup India in New Delhi.
Mr. R. Abhishek added that their ministry was already pushing Finance ministry to do more for start ups.
He said that an overall ecosystem involving financial institutions, industry and state govt’s was being carved out. Making easy funding available to startups was a top priority.
The Minister urged startups to focus on avenues like veterinary solutions, animal husbandry, waste treatment and alternative fuels.
The government had launched the Startup India campaign in 2016 to promote the entrepreneurship.
The initiative lays down the road map for creation of a conducive ecosystem for the growth of startups.
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