Context :
Extract :
Ø Udyam Registration can be filed online
based on self-declaration with no requirement for documents of proof, barring
Aadhar.
Ø Udyam Registration
has also been fully integrated with the IT and GST
systems.
Ø Nirmala Sitharaman in
May announced the change in definition of MSMEs as part of the relief package
for the industry amid the coronavirus outbreak.
========================================================
Almost 5
years ago , I sent following blog/ email to our Cabinet Ministers :
A NEW
ECONOMIC ORDER ? aka " Start Up Act - 2015 " ……………………….[ 12 Sept 2015 ]
Extract :
# Objectives of the Act
Every year, to create 5 million
Start Ups, each employing 2 persons , for a total of 10
million new jobs per year
# Methodology
* Instead of Companies Act -
1956, these Start Ups will be governed by the Start Up
Act - 2015
* A Start Up can be launched
by any Indian citizen under the age of 30 ( covering
roughly 65 % of
our population )
* A Start Up will need to register online
on the web site of the Income Tax Department
and obtain a unique " Start Up Number "
* Although all Start Ups will need to file
annual Income Tax returns ( with full disclosure
of income / expenses / profits / sources of
funds etc ) , it will not
be required to pay
any Corporate Income Tax for the first 10 years of its
existence
* A Start Up will be free to raise
funds from any source ( Individuals / Companies / PE
funds / VCs / Angel Investors / Religious
Trusts etc )
* 100 % FDI will be
permitted in Start Ups
* A Start Up can receive loans or
equity and be able to accept fixed deposits . It can also
give loans to individuals or other Start Ups
or invest in other Start Ups by way of
equity
* There will be no restrictions on
what interest ( on loans / FDs ) that a Start Up may
pay nor any restrictions on dividends it
may declare
The dividends declared by Start
Ups will not attract any Income Tax
* As far as the persons / companies etc
providing funds to Start Ups ( by way of loans or
equity ) is concerned , no questions will
be asked re their source of funds
# What will happen ? ( read on link above )
# Why the need for Start Up
Act ? ( read on link above )
========================================================
Dear Shri Narendrabhai,
5 years ago, my above
suggestion might have appeared,
Ø Revolutionary
Ø Impractical
Ø Undermining our system of fiscal discipline
Ø Rewarding dishonest persons who accumulated
Black Money through tax-evasion
Today our own economic
experts / trade bodies / bankers and business leaders are projecting NEGATIVE
GROWTH of GDP in years to come
But, apart from
criticizing the Government, none seem to have CLEAR-CUT suggestion as to :
“ To quickly come out of
a very dangerous negative downward spin ( - a vicious circle ) of economic
activity , here is a sure shot method “
Desperate times demand “
INNOVATIVE / BOLD and OUT-OF-BOX “
responses
My suggestion has the potential
to turn-around our economy , much better and much faster than the $ 900 billion
ECONOMY REVIVAL package that EU countries just approved 2 days back
“ Baki Tumhari Murjee “
(
Moving finger writes and having writ, moves on )
With regards,
Hemen Parekh / hcp@RecruitGuru.com /
26 July 2020
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