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2019-11-27

Startup India Scheme : Starred Question in Loksabha

Startup India Scheme


(a) whether the ‘Startup India’ scheme of the Government has been implemented in Assam also;
(b) if so, the details thereof along with the number of beneficiaries thereunder during the last three years;
(c) the details of the criteria laid down/ fixed for availing benefits under the said scheme; and
(d) whether there are any special provisions for the General Category, Other Backward Classes and Minority Community under the said scheme and if so, the details thereof?

To know the answer of above questions reg. Startup India Scheme  please see below the full text of Loksabha starred Question No.129.

GOVERNMENT OF INDIA
MINISTRY OF COMMERCE AND INDUSTRY
LOK SABHA
STARRED QUESTION NO: 129
ANSWERED ON: 27.11.2019

Startup India Scheme

Naba (Hira) Kumar Sarania

Will the Minister of COMMERCE AND INDUSTRY be pleased to state:-

(a) whether the ‘Startup India’ scheme of the Government has been implemented in Assam also;

(b) if so, the details thereof along with the number of beneficiaries thereunder during the last three years;

(c) the details of the criteria laid down/ fixed for availing benefits under the said scheme; and

(d) whether there are any special provisions for the General Category, Other Backward Classes and Minority Community under the said scheme and if so, the details thereof?

ANSWER

THE MINISTER OF COMMERCE & INDUSTRY
(SHRI PIYUSH GOYAL)

(a) to (d): A Statement is laid on the Table of the House.

*******

STATEMENT REFERRED TO IN REPLY TO LOK SABHA STARRED QUESTION NO. 129 FOR ANSWER ON 27TH NOVEMBER, 2019.

(a) & (b): Yes, Sir. Startup India initiative has been implemented in all States/Union Territories of India including Assam. Under Startup India initiative, startups recognized by Department for Promotion of Industry and Internal Trade (DPIIT) are eligible for following incentives:

i) Self-Certification under 6 Labour Laws & 3 Environmental Laws
ii) Relaxations in Public Procurement Norms
iii) Faster exit under the Bankruptcy Code
iv) Rebates on Patent & Trademark filing fees, support from facilitators and expedited examination of Patent application
v) Income Tax exemption under Section 80 IAC of Income Tax Act
vi) Exemption from Income Tax on investments received above fair market value under clause (ii) of the proviso to clause (viib) of sub-section (2) of section 56 of the Income Tax Act
vii) Funding support under the Fund of Funds for startups
viii) Guidance and facilitation support from Startup India Hub

A total of 174 startups from Assam have been recognised by DPIIT. The year-wise breakup of the number of startups from Assam recognized by DPIIT is as under:

<pre>

Sr. No. Year Startup recognized from Assam during each year
1 2016 10
2 2017 35
3 2018 68
4 2019 61
Total 174

</pre>

Further, 7 Startups from Assam have sent intimation emails in 2019 regarding receipt of declaration under form 2 for exemption from Income Tax on investments received above fair market value under Section 56 (2) (viib) of the IT Act.

(c): Under Startup India initiative, an entity is considered a ‘Startup’ if:

• it is incorporated as either Private Limited Company or Registered Partnership Firm or Limited Liability Partnership. A sole proprietorship or a public limited company is not eligible as startup
• its turnover for any of the financial years has not exceeded INR 100 crore
• it is working towards innovation, development or improvement of products or processes or services, or if it is a scalable business model with a high potential of employment generation or wealth creation
• it has not been formed by splitting up or reconstruction of a business already in existence.
• it is up to 10 years from the date of its incorporation/ registration

(d): There are no special provisions for the General Category, Other Backward Classes and Minority Community under Startup India initiative.

*******

Source : Loksabha

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