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Nirmala Sitharaman hints startups may get tax benefits in Budge

  • Union commerce & industry minister Mrs. Nirmala Sitharaman on Monday hinted that startups may get additional tax benefits in the impending budget 2017, to be revealed on February 1st. The ministry has earlier suggested the finance ministry to mull over raising tax holiday for startups to 7 years from the prevailing 3 years to support budding entrepreneurs.

    The minister said, Tax and tax-related matters always come from startups since it makes tangible difference to them. In this area, something is expected for now and future, depending on the budget offer. However, suggestions have been compiled by the ministry and further suggestions with regard to exempting start-up from minimum alternate tax have been forwarded to the finance ministry.

    Sitharam added that the government is committed to get rid of legislative bottlenecks, if any are being faced. The Centre is also involving states and local authorities to help the budding entrepreneurs in terms of local taxes out of the other measures.

    Moreover, she asked startups to work on the areas such as animal husbandry, veterinary science, waste management and aggregation of fuel.

    It was in January 2015, that the government launched the Startup India initiative with an aim to promote the budding entrepreneurs in the country. The initiative knocks the road map for creation of a favorable ecosystem for the growth of startups.

    Money Maker Research Pvt 



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