Everything you need to know about Startup India Plan:
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| #WeUnobstacle #StartupIndia #PMO |
It was the Saturday morning and
I had just returned from an interview. My brother was glued to the TV and side
by side was shaving his beard and idea to rename his new Startup
Comparetokar.com (I tell you, these beginners :P). I was little amused, not
knowing that India is getting its own campaign on Startup, inaugurated by none
other than Shri Narendra Modi in his own candid manner.
Though I couldn’t follow the
complete event as I was in Bangalore and not in Delhi and these news channels
have some issues with not showing complete event. But after going through
newspapers and internet research,
I could find out the 3 takeaways
from the event. I will try to explain each takeaway in a simple language, so
that it is easy to understand and if required implement:
Takeaway 1- Startup-A confusing
term:
How do you define a startup? A
startup is an entity which is registered
and operating in India not
prior to five years, from the date of announcement of the plan and an annual
turnover less than or equal
to 25 crores in any
preceding year. This means of you have a turnover of 25 crores in one of the
five years; then sorry you are not eligible to be called a Startup.
Also your company should be
working for innovation, development, deployment or commercialisation of a new
product, processes driven by technology or intellectual property. So if you
have started a company which gives onsite training to college students on
numerous courses, then are you eligible to be called a startup, given all above
criterions are met?
One more thing, startup shall
be eligible for tax benefits only after it has obtained certification from the
Inter-Ministerial Board, setup for such purposes. If such board is set up,
things should be online and time bound so that startups can actually put
their mind in expanding their business and bringing more on the table.
Takeaway 2- Tax exemption for 3
years:
Sounds good right? Even for
someone like me, who is still working
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| Action Plan launched #StartupIndia #PMO by Narendra Modi |
9-5, it sounds motivating think
about people who actually are in this business...You. But if startups are not
making any profits, they actually don’t have to pay taxes. But even if some
startups making some profit they can actually stay exempted for 3 years from
taxes. But from what time this scheme will be applied, i.e. is it from the time
when the company was registered or the time they actually starts making some
profit? This has to be seen. Whatever it may be, it’s a nice thing to
incorporate.
Takeaway 3- Compliance regime
on self certification:
Government, either central or
state won’t be sending any inspector to check whether the company is following
the environment and labour laws or not for 3 years. But the compliance still
persists. So startups buckle up and start taking good care of your employees’
provident fund, gratuity, contracts etc. But to avoid suo moto, of an inspector
and to avoid prosecution after three years, it is mandatory to self certify all
the documents and provide it to the concerned authority or verification.
There are many other agendas
put forward by the government, but I found these three as the most important
points out of all. If you can share your takeaways, the space below is all
yours. Till then #DiscoverNewInYou
#StarupIndia #Weunobstacle...
Some more insight about Startups:
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