Prabhu assures solutions to startups on the issue of angel tax

New Delhi, Jan 5 (KNN) The government will soon come up with a solution to address the problems being faced by startups with regard to angel tax, Union Commerce Minister Suresh Prabhu said.

Prabhu mentioned that startups are facing some difficulties due to the angel tax and he has taken up the issue with the finance ministry.

While addressing an award function, he said, "I want to assure you that we are working with the finance ministry in order to find the appropriate solution to angel tax and I am quite confident that we will come up with a solution soon."

An angel investor is the one who funds a startup when it is taking baby steps to establish itself in the competitive market.

Prabhu said that there have been changes world-wide, as people are moving away from the fixed income jobs to entrepreneurial activities.

Further, in India also, big opportunities are knocking and people should take advantage of it, he said, adding that gone are the days, when licences, permissions and big-money were required for building an enterprise, he said.

Talking about the ease of doing business, the minister said that work is being done to take the concept to the state and district levels.

The minister further said he has directed the Government e-Marketplace (GeM) authorities to extend full support to entrepreneurs towards providing a marketplace platform for their products.