The Ministry of Commerce and Industry has established a registration system for bidders from nations sharing a land border with India who wish to engage in the activities of procurement contracts in the country.
On 23 July, the Government mandated that any entity from a country that sharesa land border with India be entitled to bid for products or services in any procurement phase only if it is Foreign Investment Facilitation Portal (FIFP) is the Government of India’s new online one point portal for investors to promote Foreign Direct Investment.
This platform is managed by the Ministry of Commerce and Industry, Department for the Promotion of Industry and Internal Trade ( DPIIT). This system will continue to promote data clearance in a single window
Under the initiative Startup India, DPIIT will identify qualifying companies as Startups to access tax benefits, simpler enforcement, quick tracking IPR & more. To apply for ‘DPIIT acknowledgement, please use the Startup India profile to process your query.
It has become even more evident in terms of encouraging start-ups to partake in fruitful business partnerships in India, particularly in regards to funding procedures and capital raising from investors. Nonetheless, there is still a small amount of fear in international investors’ minds as they invest money in Indian start-ups, as the notorious angel tax problem comes into play in full swing.
New Delhi, Aug 25 (PTI)The Ministry of Commerce and Industry has released a registration form for bidders from countries sharing a land border with India who wish to participate in the system of the procurement process in the country.
The policy had mandated on July 23 that any individual from a country that shares a land border with India would be entitled to bid for products in any procurement process.
The Indian government represented a big change in its public finance law on Thursday night to scrutinize acquisition of goods and services from bidders of countries sharing a land border with India on trade issues and national security grounds. India’s unilateral trade action, tautological at adversarial neighbours, exempts countries to which India extends the boundaries.
Angel tax generally refers to the income tax imposed on the funds generated by non-listed firms by out-of-market transactions by a share issue. Angel tax was imposed when private investors collected funds past their “reasonable value” So the tax ended up dissuading potential buyers by making the procedure for them tedious.
In 2012 the Indian Government launched the Startup India program. The primary aim of this scheme is to promote start-up development in India. Under this program, the government is taking many crucial measures to create a robust digital economy and make India a job-creating nation rather than job-seekers. The Industrial Development and Promotion Department (DPIIT) oversees the projects
The specification and format for these bidders will be set by DPIIT. Registrations will not be issued, nevertheless, until political and military permissions are given. The home and external affairs ministries must focus on the inspection process for these demands.
Startups are funded primarily by angel investment. But that kind of investment is taxable. The Government has exempted licensed startups from the tax imposed on angel investment in order to increase funding for startups. The tax exemption is given up to the total amount of paid-up share capital, and the equity premium after the proposed share issue does not exceed Rs. 27Crore.
Startup India is a government of India’s flagship initiative (launched in January 2017) aimed at developing a strong eco-system to promote innovation and start-ups in the country that will drive sustainable economic growth and create large-scale job opportunities. With this program, the Government aims to encourage Startups to expand with creativity and design.