Income tax benefits granted to 2,975 DPIIT recognised startups

New Delhi: As many as 2,975 government-recognised startups have been granted income tax exemptions so far, a senior official said on Monday.

Under Startup India, the government provides income tax exemption.

Joint Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Sanjiv said that as on December 31 last year, 1,17,254 startups have been recognised by the department.

"The number of startups getting income tax benefits was 1,100 till March 2023 and now it has increased to 2,975 startups," he told reporters here.

He added that they are in the process of formulating a standard operating procedure for examining and fast-tracking applications for granting eligibility certificates.

This certificate is required to claim tax exemptions.

The Startup India Action Plan was announced in 2016.