New Delhi: Prime Minister Narendra Modi on Saturday announced a three-year income tax holiday for start-ups and exemption of capital gains tax for venture capital investments in them, as part of a host of incentives to promote new enterprises in the country.
He also announced self-certification and three-year exemption from inspections, an online portal and mobile app, an 80-percent cut in the patent application fee, a single-point hub for hand-holding, equal opportunities in government procurement and a Rs.10,000-crore dedicated fund for start-ups.
The prime minister made these announcements at an event to launch the “Start-Up India Action Plan”.
Ealier during the day, Finance Minister Arun Jaitley said the new “Start-Up India” scheme of Prime Minister Narendra Modi to promote and nurse entrepreneurship will ensure minimum interference from the government with attractive tax incentives.
“Start-Up India will change conventions. Government will merely be a facilitator for start-ups,” the finance minister told the inaugural session of the day-long event here which will will see the prime minister formally unveil the scheme later in the evening.