1. Start-ups flag taxation, compliance issues; govt to consider

Start-ups flag taxation, compliance issues; govt to consider

After the meeting, Commerce and Industry Minister Nirmala Sitharaman said the budding entrepreneurs raised concerns related to taxation, regulators and compliance.

By: | New Delhi | Published: July 28, 2016 10:11 PM
The ministry has convened the meeting of founders of 28 start-ups to get a grasp on their issues and concerns. (PTI) The ministry has convened the meeting of founders of 28 start-ups to get a grasp on their issues and concerns. (PTI)

Commerce and Industry Ministry today discussed various issues, including taxation and compliance, with start-ups and decided to take up the matter with the departments concerned, going ahead.

The ministry has convened the meeting of founders of 28 start-ups to get a grasp on their issues and concerns.

After the meeting, Commerce and Industry Minister Nirmala Sitharaman said the budding entrepreneurs raised concerns related to taxation, regulators and compliance.

“We were keen to know their views on how their start-up activities are going on, their expectations from the government and the difficulties they have. The difficulties may be relating to various ministries… What is it that they want us to do further,” she told reporters.

She said they have given their inputs.

“Sectoral issues were also there on which I have instructed the secretary (DIPP) to ensure the concerned inter-departmental meetings are held for sectoral purposes,” she added.

“About the ‘funds of funds’, they want if things can be simplified from the Small Industrial Development Bank of India (SIDBI) level.”

Sitharaman assured them that the ministry will work on the matter.

A representative from the e-pharma industry too voiced concern about certain regulatory issues at the meeting.

An official said the Department of Industrial Policy and Promotion (DIPP) will hold a meeting with respective departments and regulators to resolve the issue of e-pharmacy.

“We will follow all the issues with respective ministries and departments. Most of them talked about reducing the compliance burden in areas like environment, labour and inter-state issues. But many matters were beyond start-ups,” the official added.

The participants include Practo, mapmygenome, Delhivery, Urbanclap, Ola, Paytm and CarDekho.

For mapmygenome CEO Anu Achrya, resolving compliance issues is a priority to promote start-ups in the country.

“There are issues related with states and the Centre also,” she said.

Allinnov Research and Development Director S Sundarpaul acknowledged the government taking steps, but “things are difficult on the ground”.

“Creating a single window system for start-ups will help them a lot,” he added.

On tax holiday, the ministry has already demanded an increase in the period to 7 years, from 3.

  1. No Comments.

Go to Top