 "Tax relief for first 36 start-ups in Chhattisgarh")
The Chhattisgarh government has offered a major tax relief to the first 36 start-ups in the state. These units would get all state taxes reimbursed for three years under the Start-up Chhattisgarh campaign which Chief Minister Raman Singh formally launched here on Tuesday. The tax relief would be a major incentive to attract investment in the state. The number was probably taken out from the state’s name, which denotes 36 forts (Chhattisgarh in Hindi).
Under a slew of sops incorporated in the policy, start-ups would get a subsidy of 75 per cent on term loans up to Rs 70 lakh for six years, fixed capital subsidy of 35-40 per cent up to Rs 3.5 crore, electricity duty exemption for 10 years, stamp duty exemption for land purchase or lease, besides assistance in preparing project report, quality certifications, technical patent costs.
The micro, small and medium enterprises (MSME) start-ups shall be eligible for 60 per cent subsidy on land premium in state-run industrial parks. The units shall be given the facility to self-certify for various state laws.
Under the campaign, boot camps would be held in all the 27 districts. The camps would be used as a platform for start-ups to present ideas and the best among them would be selected for incubation.
They would be provided support in developing their business plan, building a prototype, market testing of the product/service and funding. All the activities during the incubation process would be conducted with help of start-up gurus and subject matter experts.
A website www.startupcg.com was also launched for handholding and to support to start-ups in the state.
