Extend tax holiday for startups to 7 years: Nirmala Sitharaman to FinMin

The Commerce and Industry Minister said that inputs from start-ups have been received and recommendations have gone to the Finance Ministry.

The Finance Ministry should consider raising tax holiday for startups to seven years from the current three years to encourage entpreneurs, Nirmala Sitharman said. The Commerce and Industry Minister said inputs from startups have been received and that recommendations have gone to the Finance Ministry for extending the three-year tax holiday to seven years.
 
She said that several startups pitched for increasing the tax holiday period from the current three years as it would provide certainty on taxation matter. She said that for 2016-17, the allocation of Rs 1,100 crore has already been made and 35 new incubators have been established, she said.
 
She also said that FDI flow recorded a growth of 53 per cent to USD 60.04 billion from June 2014 to Jan 2016, from USD 39.19 billion during the preceding 20 months. And added that FDI inflows in the country increased to the highest ever of USD 51 billion in 2015-16.
 
She also said that the twitter seva has been used to resolve issues, and pointed out that within one month, 98 percent cases have been responded to saying that 738 of 750 queries have been cleared.
 
Source: Agencies

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