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#ShutdownIndia: Why India’s startup industry is angry with the Modi government

#ShutdownIndia: Why India’s startup industry is angry with the Modi government

  • India’s startup community is up in arms against the Narendra Modi government.
  • The entrepreneurs believe these actions are tied to the contentious angel tax , though the government has squarely denied this.
  • More than 70% respondents in a recent LocalCircles survey said they had received at least one angel tax notice, while almost 30% said they had received three or more.
  • In many cases, the startups have been slapped with hefty penalties for late payment, which sometimes cumulatively exceeds the entire amount raised by the firm.
  • On February 9, the Central Board of Direct Taxes said the recoveries from TravelKhana were not made on account of angel tax but due to unexplained cash credit.


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