Bengaluru, January 20, 2016: “The startup India action plan is a welcome move but more than exemption on Income tax; the statutory and regulatory compliance related to various filings like Service Tax returns, MCA filings, TDS returns and various state specific compliances are the ones which consume a lot of time and bogs down a startup. Most of the startups do not start making profits for initial few years so income tax exemption might not help them as much as would be exemption or deferred timeline for various compliances. Govt. also needs to be careful about the misuse of the exemption as it might also act as another channel for tax savings.”
“Dedicated Corpus of Funds will greatly help entrepreneurs and startups as a lot of them struggle with funds in the initial stages. However, Govt. must make sure that the funds are judiciously allocated so that a) there is uniform distribution across different industry sectors b) there is limit on funds allocated to one startup. The goal should be to give million entrepreneurs a chance rather than creating only a handful of entrepreneurs.”
“Difficulty to access IPR lawyers, steep patent fee and long processes were acting as deterrent for many innovators to go for patents in individual capacity. Until now, patent filing has been mostly restricted to filing through companies. The new proposal will surely accelerate innovation as more and more innovators will go for patents in the individual capacity and will boost India’s image at the global front.”
“Easy access to advisors and resources will help entrepreneurs to see the bigger picture sooner. It will help them optimize their resources, tweak their business model and that will result in less wasted efforts and faster progress.”
“Startup India event will definitely create more jobs but focus should be on creating a million entrepreneurs rather than creating a million jobs. Entrepreneurs should focus on innovative ideas that benefit society in some way or the other and should share the larger perspective of making India a great country.”
Corporate Comm India(CCI Newswire)
