Govt will lower long-term capital gains tax
New Delhi: With an income tax holiday for three years and exemption from capital gains levies on venture capital investments, Prime Minister Narendra Modi unveiled the “Start-Up India Action Plan” here on Saturday with an enabling eco-system to promote and nurse entrepreneurship.
PM Modi in New Delhi on Saturday. PIC/PTI
A host of incentives unveiled by him for start-ups also included self-certification and a three-year exemption from inspections, an online portal and mobile app, an 80-per cent cut in the patent application fee and a single-point hub for hand-holding.
The prime minister also announced a Rs 10,000-crore fund for new enterprises, equal opportunity in government procurement, a Rs 500-crore credit guarantee scheme and easier exit norms. “We want to ensure that we interfere as little as possible with the start-ups. For that, we have introduced self-certification,” the prime minister said.