News Update

Indo-Dutch trade relations all set to get boostCEIB invites applications for DD-level postsCabinet gives nod for cellular service in Naxal districtsOpposition closes ranks; Kumaraswamy sworn in as Karnataka CMIndia, Turkey ink MoU for import of poppy seedsCabinet approves mobile scheme for MeghalayaForeign Exchange Earnings register 10% growth in April, 2018CX - It is settled law that authority conferred with jurisdiction over recipient is not competent to re-determine tax liability suffered on input at supply end: CESTATJourney towards the Trust Based GST RegimeSales Tax - Rendering of voice transmission service does not involve any transfer of equipment or transfer of right to use, to attract salex tax: HCGST on Non-supply of services (See 'JEST GST on GST Home Page')I-T - On receipt of information from VAT Department about bogus purchases if AO observes that 'deep verification' is required, still reassessment proceeding cannot be initiated at this stage: HCGovt notifies Draft Pax Charter Defining RightsST - Appellant and M/s SITV form part of same company and it is only a division of appellant - discharge of service tax liability by M/s SITV on behalf of appellant does not tantamount to discharging service tax liability of another company: CESTATCBDT grants three months to task force on DTCModi, Putin discuss international issues'Nipah Virus': Centre ensures availability of diagnostic kits in KeralaMP generates 3900 MW of renewable energyI-T - Major relief for DPS; Transport facility provided by schools to their students only, are incidental to educational activity, and hence exempted: ITATI-T - Stock discrepancy in books of account can lead to subsequent addition based on Gross Profit: HCI-T - Compensation paid to retrenched workers on closure of manufacturing unit is allowable business expenditure u/s 37: ITATI-T - Abnormally high LTCG in short span of time without expert advice, from unlisted company's share whose even net worth is not known to assessee, is beyond business logics and is a valid reason to make addition u/s 68: ITATNipah Virus spreading in Kerala - Central team dispatchedTreading GST Path - XLIV - Understanding Anti-profiteeringCX - CENVAT - Merely routing billing transaction through appellant will not make appellant as recipient of C&F service: CESTATTax on Ocean Freight -A long legislative haulACC approves senior level appointmentsST - Whether ticket is bought directly from airline or through General Sales Agent (GSA), same would not make any difference - classifying services under BAS and demanding tax is not sustainable: CESTATCX - Valuation -S.4 of CEA, 1944 - Price prevailing for sale at depot immediately 'prior' to clearance from factory gate was to be adopted: CESTATThe new AEO Scheme
 
Startup Ranking Framework launched; States zealously participate

 

By TIOL News Service :

NEW DELHI, MAY 16, 2018: 30 STATES and UTs have participated enthusiastically in first ever State Startup Ranking exercise. With the aim to foster competitiveness and to propel the States and Union Territories to work proactively towards promotion of their Startup eco-systems, the States Startup Ranking Framework was launched by Department of Industrial Policy and Promotion (DIPP) on February 6, 2018. This was also targeted at facilitating States/UTs to identify, learn and replicate good practices from each other and for bringing to fore, their own progress in the regard.

As a run-up to this, DIPP actively engaged with State and UT Governments over the past several weeks to help them prepare and participate in the States Startup Ranking exercise. Two rounds of video conferences were organised by DIPP with all the States and UTs in the month of March and April 2018. A dedicated team from DIPP also visited all States and UTs to conduct ranking awareness and capacity building workshop. In order to provide exposure to State/UT officials about the process of developing Startup ecosystem in their respective regions, 3 knowledge exchange workshops were conducted at leading incubators in the country. The workshops were organised at T-Hub, Hyderabad on April 9, 2018, iCreate, Ahmedabad on April 11, 2018 and Sunrise Incubation Tower, Vishakhapatnam on April 16, 2018. There was a lot of enthusiasm shown by the States and Union Territories in these workshops which were attended in large numbers.

The participating States and UTs shall now be evaluated on a score of 100, against 38 action points categorized into 7 areas of intervention such as Startup Policy and implementation, Incubation support, Seed Funding, Angel and Venture Funding, Simplification of Regulations, Easing Public Procurement and Awareness & Outreach. In order to evaluate States/UTs in a balanced and transparent manner, the assessment will be based on the aggregate score of the documentary proofs substantiating the implementation of action points by the State/ UT Government and also feedback from Startup ecosystem beneficiaries/components (to be picked up randomly from the list of beneficiaries/components that the state itself provides). DIPP has appointed seven dedicated evaluation committees involving members from all relevant departments and reputed players in the ecosystem, for evaluating States' responses in each area of intervention. The performance of the States will be dynamically presented on the State Startup Ranking dashboard hosted on www.startupindia.gov.in . The overall exercise is expected to be complete with announcement in ranking in June, 2018. The impact created by this exercise is highlighted below through some of the encouraging responses as submitted by State Governments, which are currently under evaluation:

Announcement of Startup Policy

Introduction of specific incentives in State Startup policy for women lead Startups

Constitution of State Startup nodal team

Provision of financial support to State Incubators

Design of guidelines for Seed Funding for Startups

Launch of State chapters of angel networks

Hosting discussions/workshops to identify Startups in disruptive technologies

Conducting State Startup Yatras - a series of boot camps in colleges/ universities to generate ideas.


POST YOUR COMMENTS