UT Startup Policy hits tax incentive roadblock

Chandigarh: More than six month after the Startup Policy was approved in the city, it is still to be notified by the administration.The administration is working on the start-up policy for the last five years, but even after multiple attempts, its final implementation is yet to be achieved. The policy aims to give a big boost to the start-ups in Chandigarh with a range of incentive, creation of incubation centre, etc.As per the officials, the issue of tax incentives is leading to delay in the final notification of the policy.In October last year, the UT Administration promised a slew of new measures like faster exit for startups, credit guarantee fund, multiple tax exemptions, creations of incubations centers, and imbibing early startup culture among students at it prepared to roll out the Startup Policy.The administration has been working on a start-up policy for the last five years, and in 2021 it formulated draft startup policy. But with stakeholders response not very enthusiastic, the administration come up with draft startup policy in 2022. Chandigarh is home to about 558 startups, though it lags behind to neighbouring cities like Mohali in attracting new startups.
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