ENA Sectors 2024-01-16 16:48:07 <p><span style="font-size:14px"><strong>New Delhi, Jan 16 (KNN)</strong> A total of 2,975 government-recognised start-ups have successfully secured income tax exemptions, a senior official stated on Monday.</span></p> <p><span style="font-size:14px">This development comes under the ambit of Start-up India, a government initiative that extends income tax benefits to qualifying start-ups.</span></p> <p><span style="font-size:14px">Sanjiv, Joint Secretary, Department for Promotion of Industry and Internal Trade (DPIIT), revealed that, as of December 31 last year, the department officially recognised 1,17,254 start-ups.</span></p> <p><span style="font-size:14px">Highlighting the growth in start-ups enjoying income tax benefits, Sanjiv stated, The number of start-ups getting income tax benefits was 1,100 till March 2023, and now it has increased to 2,975 start-ups.</span></p> <p><span style="font-size:14px">He further disclosed ongoing efforts to streamline the process, stating that a standard operating procedure (SOP) is being formulated.</span></p> <p><span style="font-size:14px">This SOP aims to accelerate the examination of applications and issuance of eligibility certificates, essential for claiming tax exemptions.</span></p> <p><span style="font-size:14px">Addressing the challenges faced by start-ups without eligibility certificates, Sanjiv outlined plans to revamp the entire process, enhancing the ease of doing business for start-ups.</span></p> <p><span style="font-size:14px">The internal target is set for March 31 to clear pending applications (about 1,500) and improve the overall efficiency of the certification process, he added.</span></p> <p><span style="font-size:14px">On the intellectual property rights front, the joint secretary shared positive news, stating that the government has granted 1,800 patents to budding entrepreneurs.</span></p> <p><span style="font-size:14px">Regarding the shift in funding dynamics within start-ups, Sanjiv acknowledged a move towards debt funds. Despite a reduction in funding via equity, he emphasised that the system continues to attract financial resources, with some start-ups opting for the IPO route.</span></p> <p><span style="font-size:14px">In support of the start-up ecosystem, the government has introduced various schemes, including the Start-up India seed fund scheme, fund of fund scheme, and credit guarantee scheme. These initiatives aim to foster growth, innovation, and financial stability within the start-up community.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 36304 https://knnindia.co.in/news/newsdetails/sectors/over-2900-recognised-start-ups-benefit-from-income-tax-exemptions-dpiit 2024-01-16 16:48:07 knnindia.co.in