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

In an effort to stimulate and boost the growth of Indian entrepreneurs, the government has awarded income tax exemptions to up to 2,975 Department for Promotion of Industry and Internal Trade (DPIIT) recognised Startups so far.

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

According to DPIIT joint secretary Sanjiv Singh, as of December 31 last year, the government had recognised 1,17,254 startups. The number of recognised startups receiving tax benefits was 1,100 until March 2023, and it has now climbed to 2,975 startups, he said.

He also stated that the government is developing a standard operating procedure (SOP) for reviewing and expediting applications for providing eligibility certificates. According to him, these certificates are required to claim tax benefits.

The States’ Startup Ranking, which will be released on National Startup Day, January 16, 2024, is a thorough assessment of Indian states’ and Union Territories’ efforts to establish a startup-friendly ecosystem.

The ranking is a useful tool for creating policies and practices that promote the overall growth of the startup scene.

Additionally, Union Commerce Minister Piyush Goyal will attend a closed-door roundtable meeting with Unicorn entrepreneurs on January 17 to examine the Indian startup ecosystem’s growth trajectory and international effect.