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Only 16 applicants have been incorporated under the Startup India programme after April 1, 2016. Out of these, tax sops have been rejected for two, the Parliament was informed on Wednesday.
A total of 728 applications have been received till July 18, 2016, for Startup recognition, Commerce and Industry Minister Nirmala Sitharaman said in a written reply in the Rajya Sabha.
“Out of them, 180 applications are complete and have been recognised as start-ups by the Department of Industrial Policy and Promotion (DIPP),” she said.
The minister further said: “Only 16 applicants were incorporated after April 1, 2016, and are thus eligible for consideration for tax benefits as per the Finance Act 2016.”
The applications for tax benefits are examined by an inter-ministerial board.
Out of the 16, three applications were considered in the second meeting of the inter-ministerial board during which one was recommended for tax benefits and other two were disallowed.
Incentives under the Startup India programme include income-tax exemption for three years in a block of five years if they are incorporated between April 1, 2016, and March 31, 2019. However, to avail of these benefits, an applicant must get a certificate of eligibility from the inter-ministerial board.
Sitharaman said her ministry has taken several steps to increase the coverage of start-ups in the country, including setting up of Startup India Hub to resolve queries and provide support to start-ups.
Besides asking States and Union Territories to partner with DIPP to take the Startup India initiative forward, “Top 50 companies in India have been requested to contribute towards strengthening the incubation facilities in the country through their Corporate Social Responsibility initiatives.”
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