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Government to provide simple tax regime, easier norms for start-ups: Nirmala Sitharaman

NEW DELHI(PTI): Transparent tax regime, easier registration norms and simple exit policy will be provided to give a boost to start-ups, Commerce and Industry Minister Nirmala Sitharaman said on Friday.

Finance Minister Arun Jaitley has already spoken in different contexts about simplifying taxation and initiatives are already in place, she said.

“Government is working towards ensuring transparency, simplification and predictability in tax structure,” she said while replying to question on Twitter chat.

When asked what kind of support government would provide, she said: “Easier registration, compliance and exit (norms), a conducive tax regime, stronger incubation network and rest tomorrow”.

On Saturday, Prime Minister Narendra Modi will unveil an action plan for start-ups. Replying to a question on the biggest outcome of ‘Start up India’, she said: “A greater synergy between the startups, venture funds, seed funds, incubators, industry and the government”.

The minister also said that school curriculum is becoming dynamic to include thoughts about start-ups.

She said the Centre would reach out to the states also on promoting budding entrepreneurs. All stakeholder including state governments need to collaborate to make it a success, Sitharaman said, adding ‘Startup India’ would not only focus on tech start-ups, “all innovative ideas are welcome”.

She said that the ‘Startup India’ is an initiative to facilitate budding entrepreneurs. Further she said the government is taking several steps to improve ease of doing business and “the accent is still on it. Philosophy is to remove red tape”.

When asked about issues which start-ups can solve for India, she said: “Through their innovative ways, drive and initiative they can address many consumer oriented challenges”.

She also said that only 9% of start-ups in India are led by women. “We shall converse with them to lead them better,” she added. She also said that failure should not be held against a startup.

“As a facilitator, we shall hand hold to ensure that eventuality is avoided,” Sitharaman said adding India is ranked third behind the US and the UK in start-ups.