DPIIT | Pixr8 News

The Indian government exempted all startups that are registered with the DPIIT from the so-called 'angel tax', which will help resolve difficulties faced by the fledgling businesses and their investors. "To mitigate genuine difficulties of startups and their investors, it has been decided that Section 56(2)(viib) of the IT Act shall not be applicable to a startup registered under DPIIT," Finance Minister Nirmala Sitharaman told Pixr8 News. She added that while the said section will continue to be part of the Income Tax Act, it will not be applicable to the startups registered with the Department for Promotion of Industry and Internal Trade (DPIIT). Besides, a dedicated cell, headed by a member of the Central Board for Direct Taxes (CBDT), will be set up to address concerns faced b...

As many as 1,862 start-ups have registered with the Government e-Marketplace (GeM) portal and have received orders worth Rs 275 crore till April, a top official said Tuesday. The portal was launched in August 2016 for online purchase of goods and services by all the central government ministries and departments. Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Ramesh Abhishek said, start-ups can now get government orders on GeM Startup Runway while getting an exemption from prior turnover, prior experience and earnest money deposits. "1,862 start-ups have registered, receiving 7,697 orders worth Rs 275 crore till April," he said in a series of tweets. He also said 1,87,004 jobs have been reported by 16,105 start-ups, which are recognised by the d...

Tag: DPIIT

DPIIT Registered Startups Exempt from Angel Tax: Indian Finance Minister

1,862 start-ups registered with this Indian portal received orders worth Rs 275 cr