Stand-Up India scheme is a great icing on cake which gives youth the bumper facilities of loan from 10 lakh to whopping 1 crore. The main facilitator of the scheme has to be SC or ST along with 1 woman borrower with an idea of setting up greenfield enterprise.
The mentioned enterprise may be dealing in one of the 3 types namely
- Manufacturing
- Trading
- Service
In the event the enterprise isn’t governed by any specific individual and is there in the form of an entity in itself, then at least 51% of the share should be held by the SC/ST or woman entrepreneur.
Start-Up India scheme
Start-up India is an initiative of the Government to strengthen, cement as well as build an air of innovation and to favour a conducive surrounding where people with budding talent can make better use of their skills and capabilities. Since, by doing so, one can ensure the growth of country economically by opening absolutely immense employment for a big chunk of youth who will at once get placed in those start-up from their fellow brethren.
The 100% strategy of the Government is to make such talented youth who are the results behind the Start-ups to grow, excel and give country new innovation and strategy for excelling the country further. The scheme has come to effect on 16th Jan, 2016
Eligibility
As the Start up is launched with great fan fare and popularity, many individual and business owners are very eager to include their ideas as start-up as they think their ideas, skills as well as the detailed things which are laid down in the guidelines are absolutely in line.
Therefore the government has come up with the following points in order to clear air of uncertainly and confusion for greater amount of ease and comfort:-
- The business organisation mainly for the purpose of getting its name included, shouldn’t be reconstructed from obviously an existing one or split up
- The entity cease to be included if it has turnover of INR 25 crore last financial year or has successfully passed 5 years of enriching year since its inception
- The start-up will come under the purview of tax savings only if it has asked for certification from the Inter – Ministerial which is a body looking on such cases.
Benefits
Likewise, the Government is highly serious towards cementing and spreading Start-up movements to various sectors be it manufacturing, agriculture, social, education, healthcare by not just limiting to digital / technology sector, thereby reaching to semi-urban as well as rural areas.
There will be relaxed norms for ensuring widest possible participation of start-ups
- An exorbitant fund of INR 10,000 crores has been put up for helping the dreams of youth turn into reality
- Start-ups looking to get credit is indeed guaranteed
- Start-ups don’t have to pay tax on Capital Gains
- For 3 years, they will be exempted to pay tax
- Similar tax exemptions will be there on those investments which are done above fair market value