“Start-Up India” is an initiative of Department of Industrial Policy and Promotion (DIPP), Government of India designed for fostering innovations, create jobs and facilitate investment. Start-Up India receives applications from allover India for getting recognition (as Start-Up) for further proposed benefits under this scheme including the three year tax benefits.
DIPP has given the responsibility of all these Start Up proposals to NRDC for screening/assessment and recommending the eligible start-ups for tax benefits. The recommended proposals would be put up to Inter Ministrial Board (IMB) by DIPP which decides and approves which start-up should be given tax benefit. Till date more than 4000 aspirants have applied for recognition certificate .
NRDC evaluates the applications on the basis of norms given by Start-Up India Initiative and submit the report regarding the same to Inter Ministrial Board (IMB) for final decision.
Till date NRDC has evaluated more than 400 cases upto 10th IMB (Inter Ministrial Board) Meeting. Based on the recommendations of NRDC, the IMB has approved 50 applications for availing tax benefits so far. It is expected that about 5000 Start-Up applications would be evaluated by NRDC in the next one year for Start Up India.