The division for the promotion of trade and inside commerce (DPIIT) has recognised as many as 50,000 start-ups thus far, enabling them to reap the benefits of a plethora of tax and different incentives prolonged by the federal government underneath the Begin-up India programme.
The final 10,000 start-ups have been added in simply 180 days, towards 245 days for the earlier 10,000 and 808 days for the primary 10,000.
At the moment, DPIIT-registered start-ups that have been integrated between April 1, 2016, and March 31, 2021, are allowed to use for the income-tax vacation and the eligible ones get it for a block of three out of the primary 10 years. Begin-ups wishing to use from an exemption from the so-called ‘angel tax’, additionally have to be recognised by the DPIIT.
Recognition by the DPIIT can be a should for making use of for simpler compliance norms (particularly labour and environmental requirements), leisure in public procurement guidelines, funds underneath the SIDBI’s Fund of Funds and fast-tracking of patent purposes at much-reduced payment, amongst others.
The quick registration, particularly within the wake of the Covid-19 pandemic, augurs effectively for start-ups, lots of that are struggling to deal with liquidity woes.
Based on an official assertion, recognised start-ups have now been unfold throughout 623 districts. As many as 1,79,181 jobs have been created by recognised start-ups in 2020-21, towards 1,63,485 in 2019-20 and 92,843 in 2018-19. Within the first two months of the present fiscal, the start-ups have created 34,949 jobs regardless of the second Covid wave, the federal government stated.
Based on the official assertion, 48,093 recognised start-ups have added 5,49,842 jobs, with a median variety of 11 staff per start-up.
On January 16, 2016, launching an motion plan on ‘Begin-up India’, the federal government had envisaged for itself the position of solely a “facilitator” for investments, promising to chop the maze of purple tape that had hampered the nation’s financial progress for many years and squeezed employment alternatives.
As many as 30 states and Union territories have now introduced particular start-up insurance policies. Maharashtra, Karnataka, Delhi, Uttar Pradesh and Gujarat are the key states housing start-ups.