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Tax breaks, easy exit option: 10 highlights of Start-up India plan

india Updated: Jan 16, 2016 22:17 IST
HT Correspondent
Start-up India

Prime Minister Narendra Modi with Finance Minister Arun Jaitley and Commerce and Industry Minister Nirmala Sitharaman launching the "Startup India" action plan at Vigyan Bhawan in New Delhi on Saturday.(PTI)

Prime Minister Narendra Modi on Saturday unveiled a slew of incentives to boost start-up businesses, offering them a tax holiday and inspector raj-free regime for three years, capital gains tax exemption and Rs 10,000 crore corpus to fund them.

Releasing the actin plan for Start-up India, he also announced a self-certification scheme in respect of nine labour and environment laws and said there will be no inspection during the first three years of launch of the venture.

Here are 10 highlights of the incentives announced by the prime minister:

# Self certification-based compliance for labour and environment laws

# No government inspection for three years

# No income tax on profits for three years

# No capital gains if money invested in another start-up

# Easy exit option, provided under the Bankruptcy Act so that start-ups can exit within 90 days.

# Single point Start-up India hub for clearances

# Mobile app and portal for start-ups, with a small form to be filled

# New IPR protection for start-ups, 80% reduction in patent fee

# Encourage start-ups in government purchases, with relief in experience and turnover criteria

# A fund of funds with a corpus of Rs. 10,000 crore

Read | PM Modi unveils Start-up India action plan, announces slew of measures