The Government of India has announced ‘Startup India’...
The Government of India has announced ‘Startup India’ initiative for creating a conducive environment for startup in India. The various Ministries of the Government of India have initiated a number of activities for the purpose. To bring uniformity in the identified enterprises, an entity shall be considered as a ‘Startup’-
a) Up to five years from the date of its incorporation/registration,
b) If its turnover for any of the financial years has not exceeded Rupees 25 crore, and
c) It is working towards innovation, development, employment or commercialization of new products processes or services driven by technology or intellectual property;
Provided that any such entity formed by splitting up or reconstruction of a business already in existence shall not be considered a ‘Startup’;
Provided further that in order to obtain tax benefits a startup so identified under the above definition shall be required to obtain a certificate e of an eligible business from the Inter-Ministerial Board of Certification consisting of:
a) Joint Secretary, Department of Industrial Policy and Promotion
b) Representative of Department of Science and Technology, and
c) Representative of Department of Biotechnology.