New Delhi, Feb 22 (KNN) To take advantage of the incentives announced by the government, start-ups rushed to get themselves registered with the department for promotion of industry and internal trade (DPIIT).

Earlier this month, the government revised the definition of start-ups which aimed at relaxing the norms and making it easier for them to thrive in the country.

Start-ups are required to register themselves with DPIIT to be eligible for the relief.

As many as 85 start-ups got themselves registered, much higher than the daily average of less than 10 in recent months.

The total number of start-ups registered with DPIIT jumped to 16,201 from 16,116 when the industry ministry announced the succour, showed the official data.

Prime Minister Narendra Modi had launched Start-up India on January 16, 2016 and registration with DPIIT picked up pace in 2017.

To be eligible for the relief, start-ups have to register with DPIIT and submit an undertaking, saying they are not investing in specified segments (that are usually suspected to be used to funnel black money), unless these investments are made “in the ordinary course of business”.

The angel tax is typically an impost on the extra capital raised by an unlisted firm through the issue of shares over and above their fair market value. (KNN/JM)