Kanpur-based Startup Picked Up By Startup India
We Have One Winner From The Second Round
Now in its second phase, Startup India Action Plan has found only one business startup eligible for tax benefits under its special plan for Indian startups. Announced by PM Modi in January this year, it offered special tax and other benefits to the eligible startups.
Bhurak Technologies Pvt Ltd.
Under the program, 571 startups had applied to the Department of Industrial Policy and Promotion to claim a three-year tax benefit. Only Bhurak Technologies Pvt Ltd. has fulfilled all the criteria for the same.
Out of these 571 companies, only 106 were found to possess the necessary documents. Out of these 106, only 12 had been incorporated after 1st April, 2016, as was the condition. These 12 startups were asked to submit the required documents. Bhurak Technologies Pvt Ltd. has completed the process and for now, we have one winner. Seven more startups will be added to this list on completion of the due process. They are right now being guided through the procedure by the officials.
In The First Round…….
In the first round of Startup Indian Action Plan in May, 200 companies had applied. Out of these, only one company seemed to have had met all the criteria. It was Hyderabad-based Cygnis Energy.
Takeaways:-
- Startup India Action Plan has selected Bhurak Technologies Pvt Ltd. in its second round of program.
- Seven more are yet to be selected.
- 571 startups had applied to the Department of Industrial Policy and Promotion to claim a three-year tax benefit.
What are your views about this selection. Share your opinions in the comments section below.
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