Sarkari Yojana
Interest Subsidy Scheme, 2017
About Interest Subsidy Scheme, 2017
Launched by the Directorate of Industries, Trade and Commerce (DITC), Government of Goa, the “Interest Subsidy Scheme, 2017” encourages units to make their enterprises financially viable. It subsidises interest on term loans and/or working capital loans taken from specified financial institutions. To qualify, units must employ at least 60% Goan manpower, and benefits are capped at ₹25,00,000/- per annum (₹27,50,000/- for all women and Scheduled Caste/Scheduled Tribe applicants).
Scheme Overview
State Government
Business Entity
Scheme Details
Eligibility Requirements
To qualify for Interest Subsidy Scheme, 2017, applicants must satisfy the following conditions:
The applicant should be one of these -
A manufacturing industry in the Micro, Small and…
A manufacturing industry in the Micro, Small and Medium segment.
A Hinterland Eco tourism project located in lesser…
A Hinterland Eco tourism project located in lesser developed talukas and registered with/recognized by the Department of Tourism/Goa Investment Promotion Board/Town & Country Planning/Planning & Development Authority/Eco Sensitive Zone Authority.
Only industries in the White category, Green category and Orange category qualify.
Production has to have started after 01-10-2017.
At least 60% of the regular workforce must be Goan manpower.
A term loan and/or working capital loan must have been taken to run the business of the claiming unit.
The lender must be a nationalized bank, scheduled private bank, Co-operative Bank, Economic Development Corporation Limited, or a Non-Banking Financial Institution recognized by the Reserve Bank of India.
Benefits Provided
Interest Subsidy Scheme, 2017 provides the following benefits to eligible applicants:
Term loan interest claims are subsidised at 30%…
Term loan interest claims are subsidised at 30% of the interest paid, within the scheme ceiling.
Working capital loan interest claims get the lower…
Working capital loan interest claims get the lower of 1½% of total turnover or 30% of the interest the unit/enterprise paid.
Subsidy cannot go beyond ₹25,00,000/- per annum, worked…
Subsidy cannot go beyond ₹25,00,000/- per annum, worked out pro-rata for any part-year claimed.
For all women and Scheduled Caste/Scheduled Tribe applicants,…
For all women and Scheduled Caste/Scheduled Tribe applicants, the ceiling is ₹27,50,000/- per annum, likewise calculated pro-rata for part-year claims. Disbursal Conditions/Criteria
Subsidy is granted for no longer than seven…
Subsidy is granted for no longer than seven years, i.e. 27 continuous quarters after the quarter of the first claim.
Eligible applicants may be paid even after the…
Eligible applicants may be paid even after the scheme expires, as long as at least one claim reached the Directorate of Industries, Trade and Commerce (DITC) while the scheme was valid.
A unit that misses the deadline for a…
A unit that misses the deadline for a yearly claim after its first claim may file the delayed claim in the next year, within the time frame laid down in the Umbrella Scheme.
Delayed filing is not permitted for the final…
Delayed filing is not permitted for the final claim.
No authority can revive a claim that has…
No authority can revive a claim that has lapsed.
Interest left out of a claim because it…
Interest left out of a claim because it was unpaid at the time of filing may be claimed in the following year once it has been paid.
Where a term loan is in default (not…
Where a term loan is in default (not repaid as scheduled), interest reimbursement is cut by the amount of default.
Reimbursement is worked out on the original sanctioned…
Reimbursement is worked out on the original sanctioned loan limit, not on any rescheduled loan.
Documents Required
Applicants should keep the following documents ready before starting the application:
Self-Attested Copy of Umbrella Scheme Registration
Self-Attested Copy of Umbrella Scheme Registration.
Self-Declaration in the Given Format
Self-Declaration in the Given Format.
Certificate from the Nationalized Banks/Specified Financial Institutions Showing…
Certificate from the Nationalized Banks/Specified Financial Institutions Showing the Total Interest the Units Paid.
Chartered Accountant-Certified Financial Statements for the Financial Year
Chartered Accountant-Certified Financial Statements for the Financial Year.
Chartered Accountant Certificate Stating the Interest Paid (Split…
Chartered Accountant Certificate Stating the Interest Paid (Split Between Working Capital Loan and Term Loan) and the Claim Year's Annual Turnover. (It must also state how far the loan is in default and whether it has been rescheduled; if rescheduled, interest on the rescheduled and original components must be shown separately).
Unit Payroll Copy Showing Total Employees and the…
Unit Payroll Copy Showing Total Employees and the Number of Goan Employees.
Chartered Accountant Certificate Confirming No Incentive Claim Has…
Chartered Accountant Certificate Confirming No Incentive Claim Has Been Made to the Department of Information Technology, Government of Goa.
Chartered Accountant Certificate Confirming No Similar Benefit Has…
Chartered Accountant Certificate Confirming No Similar Benefit Has Been Claimed Under Any Other Scheme/Program of Government of Goa.
For Hinterland Eco Tourism Applicants, the Registration/Approval Certificate…
For Hinterland Eco Tourism Applicants, the Registration/Approval Certificate from the Department of Tourism/Coastal Regulation Zone Authority/Investment Promotion Board/Eco Sensitive Zone Authority.
Chartered Accountant Certificate of Net Turnover
Chartered Accountant Certificate of Net Turnover.
Loan Certificate Copy
Loan Certificate Copy.
Bank Details Listing the Account Number, Magnetic Ink…
Bank Details Listing the Account Number, Magnetic Ink Character Recognition and Indian Financial System Code, Linked to the Beneficiary/Unit Aadhaar Card.
Aadhaar Card Copy
Aadhaar Card Copy.
Pollution Certificate from the Goa State Pollution Control…
Pollution Certificate from the Goa State Pollution Control Board.
Evidence of Shareholding by Scheduled Caste, Scheduled Tribe,…
Evidence of Shareholding by Scheduled Caste, Scheduled Tribe, Other Backward Class, or Women Partner/Promoter (When Claiming the Additional Benefit for These Categories).
Partnership Deed, Memorandum of Association/Articles of Association Copy,…
Partnership Deed, Memorandum of Association/Articles of Association Copy, as Applicable.
How to Apply
Offline Application
Applicants can apply for Interest Subsidy Scheme, 2017 through the offline application process outlined below.
Print out the prescribed format of the application…
Print out the prescribed format of the application form.
Complete every mandatory field, paste a passport-sized photograph…
Complete every mandatory field, paste a passport-sized photograph (signed across, if required), and attach copies of the mandatory documents (self-attested, if required).
Within the prescribed period (if any), hand in…
Within the prescribed period (if any), hand in the signed form and documents to the Directorate of Industries, Trade and Commerce (DITC), Goa.
*Where an applicant has several units with a consolidated balance sheet, a Chartered Accountant certificate showing interest unit by unit must be filed, and the claim must cover only the eligible unit.
Scrutiny by the Task Force Committee
Applications under the scheme are scrutinised and recommended by the Task Force Committee.
Besides the members named in the Umbrella Scheme, the Director, Department of Tourism, sits on this committee as a Member.
Disbursement of Benefits
Once approved, benefits are paid to eligible applicants, even after the scheme's validity ends, provided at least one claim was lodged with the Directorate of Industries, Trade and Commerce while the scheme was in force.
Exclusions / Who Is Not Eligible
- The scheme is not applicable to cases which have claimed similar benefit under any other scheme/program of Government of Goa.
- The enterprises must not be taking or have taken any benefit under any policy of the Department of Information Technology, Government of Goa.
- Loans of Economic Development Corporation Limited, if covered under the Modified Interest Rebate Scheme, 2012, are not eligible for the purpose of this scheme.
- Interest paid under Chief Minister Rojgar Yojana Scheme or any other employment generation scheme of Government of India/Government of Goa is not eligible.
- Units under Goa State Financial Relief Scheme for Sick Industrial Units, 2016, are not eligible.
- Charges/overdue and penal interest shall not be eligible for the purpose of this scheme.
Official Application & Website
Verify the latest eligibility, dates and instructions before applying.