Indian Government offers biotechnology start-ups tax waiver

posted by Phill Allen

April, 02nd, 2016

Company News Pharmaceutical Industry News

Aiming to encourage biotechnology research and innovation, the Indian Government is to waive service tax levied on biotechnology start-ups from April 2016.
Indian Government offers biotechnology start-ups tax waiver
Announced in the Union Budget by Finance Minister Arun Jaitley, tax breaks will apply to services provided by the ‘Biotechnology Industry Research Assistance Council’ (Birac) and its approved incubators.
Part of its plan to nurture 2,000 biotechnology start-ups by 2020, the Birac public sector enterprise already supports approximately 300 start-ups through approved incubators.
With the plans being hailed as a step towards “promoting start-up led innovation and research” by Renu Swaroop, Birac’s Managing Director, and “a step in right direction” by director of Centre for Cellular and Molecular Platforms, Taslimarif Saiyed, it’s clear India is taking decisive action to develop its growing biotechnology sector.

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Phill Allen

Managing Director

An in and outside the (bioprocess) box thinker, fluid management specialist Phill knows a thing or two about keeping pharma liquid logistics flowing.

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