Free Press Journal

2016 Budget to see tax-friendly regime for startups: Jaitley


New Delhi: In line with the government’s commitment to create a favorable ecosystem to boost entrepreneurship, Union Finance Minister Arun Jaitley has promised to roll out a tax-friendly regime in the upcoming Budget for startups.

He said the government and the RBI will add to the bankers’ ability to lend to startups, in the process giving a boost to private investment.

“We have already worked on an entrepreneur friendly taxation regime. There are some steps that can be taken up by notifications, which would be taken forthwith. Others require legislative provisions, which can only come as part of the Finance Bill when the Budget is presented in order to create a friendly taxation regime for startups,” said Jaitley at the Startup India programme.

However, he also said that the government will also launch a ‘Stand Up India’ scheme under which bank branches will lend to women and SC/ST entrepreneurs.