Govt acts on LocalCircles demand - abolishes angel tax for startups

Many of you may know that LocalCircles actively took up the cause of abolishing angel tax for startups in India a few months back. We are pleased to share that yesterday, Ministry of Finance via CBDT and Ministry of Commerce via DIPP accepted the solution proposed by LocalCircles and issued a notification to abolish angel tax for recognised startups in India with a few conditions. This is the single biggest reform for startups by the Modi Government and has the potential to invigorate an ecosystem that was struggling in the last few years due to this devil tax. Below is the detailed report and related media reports.

Full LocalCircles Report
Moneycontrol Report
Indian Express Report
The Hindu Report

If you have additional ideas or inputs on what the Government should do to boost the startup ecosystem further, please do share as LocalCircles will be taking them up with the Government very shortly.

------------------------------------------------------------------------------------------------------------------------------------ Some of you participated in the LocalCircles Startup/SME survey whose results are available at the link below. The survey helped capture the collective pulse of startups and SMEs. Below is the full report and the survey has been widely covered in media as well. If you are a business or service provider or a concerned citizen, you are welcome to share the same on your social media so the Govt acts to address the situation faced by startups and SMEs.

Full LocalCircles Report
CNBC Report
Economic Times Report
The Hindu Report

For any country to have robust economic growth, it is critical that its SME and startup ecosystem becomes successful, esp when large private and public enterprises are unable to create enough jobs.

LocalCircles is taking up the issues of the Startup and SME ecosystem with the Government and hoping that key issues like taxation are addressed soon. If you have other issues and ideas on making doing business easier, kindly share the same. more  

View all 41 comments Below 41 comments
Great stuff LC more  
Good news that notification has been issued to abolish angel tax for recognised startups in India more  
L C must be developed as a strong body to approach the Government to solve any shortcomings which are either consumer based policy or developmental activities. The LC efforts are really more appreciable for having successfully pursued the Government to abolish angel tax and L C developing as a commanding body for the public interest. I heartily congratulate the whole LC body. more  
Congratulations to all the members of LC. more  
Good to hear that our voice has been heard and with this the credibility of LC has increased but how come in the newspapers coverage has not yet been given since i did not see anything but maybe I missed it.
Since this group lot of learned people are there who will give unbiased comments and will give feedback to help the common people hence i only hope this is just a beginning and lot more will come. more  
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