To make Startup India more lucrative, the Ministry of Commerce & Industry has approached the Ministry of Finance with an industry proposal to widen the income tax exemption period to Seven years from the current three years because no company can achieve Breakeven in three years.
Longer-duration tax concession would not only encourage entrepreneurship but also enable companies to expand operations, generate employment and hire quality talent.
Ms. Nirmala Sitharaman, Minister of State for Commerce & Industry said, "I have been interacting with the Start ups and a lot of them are in touch with us directly. The decisions which have to be taken by finance we are forwarding it. Finance is also favourably inclined to help them out because this is a major initiative".
To benefit from these incentives, startups must first be declared eligible entities by the Inter-Ministerial Board of Certification, set up by the Department of Industrial Policy & Promotion to validate the innovative nature of the business.
MSME Helpline is committed to assist Start Ups to provide handholding support in all their requirements.
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