Interest Subsidy Scheme, 2017
State: Goa
Ministry: null
Department: Commercial Taxes Department
Category: Business & Entrepreneurship
Beneficiary Type: Business Entity

The scheme aims to incentivize units for making their enterprises financially viable. It provides interest subsidy on term loan and/or working capital loan (up to ₹25,00,000/- per year, or ₹27,50,000/- for women/Scheduled Caste/Scheduled Tribe applicants) to eligible industries.

Benefits:
- For claims of interest paid on term loan, subsidy will be calculated to the extent of 30% of the interest paid, subject to the scheme ceiling.
- For claims of interest paid on working capital loan, subsidy will be calculated to the extent of 1½% of the total turnover or 30% of the interest paid by the units/enterprise, whichever is less.
- The subsidy payable shall not exceed the ceiling of ₹25,00,000/- per annum, calculated on pro-rata basis for part of the year as claimed.
- The subsidy payable shall not exceed the ceiling of ₹27,50,000/- per annum for all women and Scheduled Caste/Scheduled Tribe applicants, calculated on pro-rata basis for part of the year as claimed.

##### ***Disbursal Conditions/Criteria***

- _The period of grant of subsidy shall not exceed seven years, that is 27 continuous quarters subsequent to the quarter in which the subsidy is first claimed._
- _The benefits under this scheme shall be disbursed to eligible applicants beyond the validity of this scheme, provided, application for at least one claim is submitted to the Directorate of Industries, Trade and Commerce (DITC) during the validity of this scheme._
- _In case the unit fails to file the yearly claim after the first claim within the stipulated time frame, the unit shall be eligible to file the delayed claim in the subsequent year within the time frame as specified in the Umbrella Scheme._
- _The facility of filing delayed claims shall not be available for the last claim._
- _The lapsed claim shall not be revived by any authority._
- _In case the unit fails to include any portion of interest that cannot be claimed due to non-payment before filing of application, the unit shall be eligible to claim such interest subject to payment of the same in the subsequent year._
- _In case of default in payment of term loan (i.e. not paid as per schedule of repayment) reimbursement of interest shall be reduced to the extent of default._
- _Only the limit of original loan granted and not rescheduled loan shall be considered for interest reimbursement._

<br>

Eligibility:
- The applicant must represent one of the following - 

             (a)   A Micro, Small and Medium manufacturing industry.
             (b)   A project of Hinterland Eco tourism in lesser developed talukas registered with/recognized by the Department of Tourism/Goa Investment Promotion Board/Town &amp; Country Planning/Planning &amp; Development Authority/Eco Sensitive Zone Authority.

- The industry must be listed under White category, Green category and Orange category.
- The industry must have commenced production after 01-10-2017.
- The industry must engage a minimum of 60% of Goan manpower on regular employment.
- The industry must have availed loan as term loan and/or working capital loan for conducting business of the unit claiming the benefit.
- The loan must be availed from any nationalized bank, scheduled private bank, Co-operative Bank, Economic Development Corporation Limited, or any Non-Banking Financial Institutions recognized by the Reserve Bank of India.

<br>

Application Process:
[Offline]
Step 1: The interested applicant should take a printout of the prescribed format of the application form.
Step 2: In the application form, fill in all the mandatory fields, paste the passport-sized photograph (signed across, if required), and attach copies of all the mandatory documents (self-attest, if required).
Step 3: Submit the duly filled and signed application form along with the documents, within the prescribed period (if any), to the Directorate of Industries, Trade and Commerce (DITC), Goa.
*If the applicant has more than one unit with a consolidated balance sheet, a Chartered Accountant certificate giving interest details unit-wise must be submitted, and the claim should only be made for the eligible unit.
Scrutiny by the Task Force CommitteeThe Task Force Committee is responsible for the scrutiny and recommendation of the applications under this scheme.
This committee includes the Director, Department of Tourism, as a Member, in addition to the members specified in the Umbrella Scheme.
Disbursement of BenefitsUpon approval, the benefits under this scheme shall be disbursed to eligible applicants, which may occur even beyond the scheme's validity, provided at least one claim application was submitted to the Directorate of Industries, Trade and Commerce during the scheme's period of force.

Documents Required:
A Self-Attested Copy Of Registration Under Umbrella Scheme.
A Self-Declaration In The Format Provided.
The Certificate Issued By The Nationalized Banks/Specified Financial Institutions In Respect Of Total Interest Paid By The Units.
The Financial Statements Certified By A Chartered Accountant, Of The Financial Year.
Chartered Accountant Certificate Certifying The Amount Of Interest Paid (With A Break Up Of Interest Paid On Working Capital Loan And Term Loan) And The Annual Turnover Of The Claim Year. (The certificate should also indicate the extent to which the loan is defaulted and whether the loan is rescheduled. In case the loan is rescheduled, the interest on rescheduled component and original component should be clearly indicated).
A Copy Of Payroll Of The Unit Highlighting The Number Of Total Employees, And The Number Of Goan Employees.
Certificate From Chartered Accountant Stating That No Claim From The Department Of Information Technology, Government Of Goa, Has Been Made For Any Incentives.
A Chartered Accountant Certificate Certifying That No Other Claim For Similar Benefit Has Been Made Under Any Other Scheme/Program Of Government Of Goa.
For Applications Under Hinterland Eco Tourism, The Certificate Of Registration/Or Approval Issued By The Department Of Tourism/Coastal Regulation Zone Authority/Investment Promotion Board/Eco Sensitive Zone Authority Shall Be Submitted.
Chartered Accountant Certificate Showing Net Turnover.
Copy Of Loan Certificate.
Bank Detail Showing Therein The Account Number, Magnetic Ink Character Recognition And Indian Financial System Code Which Has Been Linked To The Beneficiary/Unit Aadhaar Card.
Copy Of Aadhaar Card.
Pollution Certificate Provided By Goa State Pollution Control Board.
Proof Of Stake Holding Of Scheduled Caste, Scheduled Tribe, Other Backward Class, Women Partner/Promoter (In Case Of Seeking Additional Benefit Under These Categories).
A Copy Of Partnership Deed, Memorandum Of Association/Articles Of Association, As The Case May Be.