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1,031 facilitators empanelled for startups for free filing, facilitation of IP applications

Press Trust of India  |  New Delhi 

As many as 1,031 facilitators have been empanelled for start-ups for the free of cost filing and facilitation of intellectual property applications, Parliament was informed on Friday.

Startups are eligible for a rebate of 80 per cent in patent filing fees and a 50 per cent rebate in trademark filing fees.

Additionally, they are also considered for expedited examination of patent applications to reduce the time taken in granting patents.

"1,630 patent applications have been granted 80 per cent rebate on filing fee. 2,895 trademark applications have been granted 50 per cent rebate on fill fee," Commerce and Industry Minister Piyush Goyal said in a written reply to the Rajya Sabha.

He also said that a total of Rs 700 crore has been released till now from the of Fund of Funds for start-ups, which is a corpus of Rs 10,000 crore.

"SIDBI has committed Rs 3,123.20 crore to 47 SEBI-registered Alternative Investment Funds (AIFs). Rs 695.94 crore have been drawn from the SIDBI. Rs 2,669.83 crore have been invested into 279 startups," he said.

Further, he said that 247 startups have been granted tax exemptions as on November 25.

Eligible DPIIT recognised startups are exempted from income-tax for a block of three years out of seven years since incorporation under Section 80IAC of the Income Tax Act.

Recognised startups are also exempted from tax under Section 56(2)(viib) of the Income Tax Act when such a startup receives any consideration for issue of shares which exceeds the fair market value of such shares.

"1,658 startups have been granted tax exemptions as of 25th November," he said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, November 29 2019. 17:20 IST
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