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67 of total 671 selected startups receive tax benefits so far, says minister

The government has extended tax benefits to 67 startups so far with a view to promoting budding entrepreneurs in the country, minister of state for commerce and industry CR Chaudhary said on Tuesday.In January 2016, Prime Minister Narendra Modi had unveiled a slew of incentives to boost start-up ecosystem, offering them a tax holiday and inspector raj-free regime for three years, capital gains tax exemption and Rs 10,000 crore corpus to fund them.“3,576 startups have been recognised as on September 7 and tax benefits have been given to 67 innovative startups,” Chaudhary said here while addressing the startup India states conference.The Department of Industrial Policy and Promotion (DIPP), under the ministry, considered 671 startups for income tax exemption and of this 67 received the benefit.The minister also assured full support and facilitation from both the centre and state governments.

News Source:- http://www.hindustantimes.com/business-news/67-of-total-671-selected-startups-receive-tax-benefits-so-far-says-minister/story-RgMnm4fVSZldTPsSQFKyyJ.html