Home Audit & Assurance Govt granted Income Tax Benefits to 2,975 Recognised Startups till now: DPIIT

Govt granted Income Tax Benefits to 2,975 Recognised Startups till now: DPIIT

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Govt granted Income Tax Benefits to 2,975 Recognised Startups till now: DPIIT

Govt granted Revenue Tax Advantages to 2,975 Recognised Startups until now: DPIIT

In an effort to stimulate and increase the expansion of Indian entrepreneurs, the federal government has awarded revenue tax exemptions to as much as 2,975 Division for Promotion of Business and Inside Commerce (DPIIT) recognised Startups to date.

The federal government is granting the exemptions as a part of its Startup India marketing campaign.

In line with DPIIT joint secretary Sanjiv Singh, as of December 31 final yr, the federal government had recognised 1,17,254 startups. The variety of recognised startups receiving tax advantages was 1,100 till March 2023, and it has now climbed to 2,975 startups, he stated.

He additionally acknowledged that the federal government is creating a typical working process (SOP) for reviewing and expediting purposes for offering eligibility certificates. In line with him, these certificates are required to assert tax advantages.

The States’ Startup Rating, which might be launched on Nationwide Startup Day, January 16, 2024, is a radical evaluation of Indian states’ and Union Territories’ efforts to ascertain a startup-friendly ecosystem.

The rating is a great tool for creating insurance policies and practices that promote the general progress of the startup scene.

Moreover, Union Commerce Minister Piyush Goyal will attend a closed-door roundtable assembly with Unicorn entrepreneurs on January 17 to look at the Indian startup ecosystem’s progress trajectory and worldwide impact.

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