Aspiring entrepreneurs have sent in an interesting set of questions seeking answers from commerce minister Suresh Prabhu ahead of a live session organised on Startup India this evening. We take a closer look.
Aspiring entrepreneurs have sent in an interesting set of questions seeking answers from commerce minister Suresh Prabhu ahead of a live session organised on Startup India this evening. Notably, in a major step to boost entrepreneurship in India, the Narendra Modi-led government has planned a live session to take on questions from the public, which will see commerce and industry minister Suresh Prabhu answering questions on startups this evening at 4.30 pm. “Send in your questions using hashtag #AskPrabhu. Select questions will be answered. Look forward to a fulfilling engagement,” Commerce and Industry minister Suresh Prabhu tweeted. We take a closer look at what aspiring entreprenuers are asking Suresh Prabhu.
Rules for startups-tax
“Sir, could you please instruct from where a Startup can learn the procedures to pay service tax, sales tax, income tax, professional tax by the employer, professional tax for the employee, property tax, TDS? Is there any ease of doing business exists for #StartupIndia?,” a Twitter user Rounak asked. “Sir, I understand there is a tax exemption which you get for being a startup. However there is confusion regarding the types of exemptions and the process for it. Can you explain the tax exemption benefit to bring clarity to this?,” another user Tarun tweeted.
Entreprenuers are also bouncing off their ideas for starting up their own business. “Sir, I am Ravi from Jalgoan District,Maharashtra, I want to start farming i don’t have any farm land, i am son of Farmer ,so i can do farming. what help can i get from Gov. to buy Farm land and to buy equipment to do farming,?” asked a user. “Sir we are in the process of agristartup with organic live stocks production like goat,chicken,quail( fut plan of aquaponics).Do we get any support from govt?Or it early stage?/need to wait for one year completion.Can you provide the details of govt support,” another user asked.
Clarifications on existing business
A few users who already have set-up their business sought clarity on funding and getting cheaper loans to finance their working capital needs. A Twitter user Manoj Ajmera, a small exporter in Textile said that he has received orders, but is unable to process them due to shortage of capital. “Tried with Banks and they ask for collateral for Packign credit. India losing exports as they don’t rely on small young export start up. Suggestion?” read his tweet.
According to a PIB release the live session will be held on Wednesday, 16th May at 4.30 pm on Suresh Prabhu’s social handles – Twitter and Facebook, along with Startup India’s social handles – Twitter, Facebook and YouTube.