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DIPP amends the definition of a startup, benefits up to 7 years

The Department of Industrial Policy and Promotion (DIPP) amended the definition of a startup and will now consider an entity up to seven years from the date of its incorporation or registration. Earlier, an enterprise was considered a startup up to five years of its incorporation. This was taken into account of the long gestation period in establishing startups. However, in the case of biotechnology startups, the period will be up to 10 years from the date of incorporation. In addition, the DIPP also mentioned said startups will not require a letter of recommendation from an incubator or an industry association for either recognition or tax benefits under Start-up India. But the DIPP added certain riders and said that startups will have to include a scalable business model and must have the potential of employment generation or wealth creation. Note the cap of Rs 25…

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