571 aspiring startups file applications with DIPP, 12 selected

As on June 24, 571 budding entrepreneurs have filed applications  with the Department of Industrial Policy and Promotion (DIPP) for  tax breaks as well as recognition as startups.

In a tweet Startup India announced that out of these, only 12 are eligible for consideration by the inter-ministerial board. Startup India is an initiative of the DIPP. Among these seven have submitted all documents and are eligible for Startup India benefits and tax exemption and 106 have submitted all documents but are not eligible for tax exemptions.

Startup India is an initiative under Department of Industrial Policy and Promotion. Early this year Prime Minister Narendra Modi announced a fund of Rs 10,000 crore to help startups in India. he also announced various incentives such as offering startups tax holidays and inspector raj-free regime for three years, capital gains tax exemption, etc to boost the startup ecosystem in the country.

Source: Economic Times