The Interest Subsidy Scheme, 2008 was launched by the Directorate of Industries, Trade and Commerce, Government of Goa, to promote economic growth in the state by providing interest subsidies to Micro and Small Enterprises (MSEs). This initiative aimed to make the operations of new enterprises financially viable, thereby encouraging industrial growth. The scheme was applicable to enterprises that commenced commercial production after the scheme’s launch and were registered with the Directorate. The scheme remained in force until March 31, 2011.
Scheme Key Highlights (Short Summary)
• Launched by: Directorate of Industries, Trade and Commerce, Goa
• Duration: Effective from 2008 until March 31, 2011
• Subsidy Type: Interest subsidy for Micro and Small Enterprises
• Maximum Subsidy: ₹5,00,000 per annum
• Eligibility Criteria: New enterprises in Goa that commenced production after the launch of the scheme
Benefits
• Subsidy Amount:
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1% of the total net turnover or 30% of the interest paid by the unit, whichever is less
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Maximum subsidy capped at ₹5,00,000 per annum
• Duration of Subsidy: Benefits available for a period of 5 years (20 quarters) from the quarter of commercial production
• Eligibility Criteria: -
New Micro and Small Enterprises that went into commercial production after the commencement of this scheme
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Enterprises permanently registered with Entrepreneur Memorandum II
Eligibility
• The scheme is open to new Micro and Small Enterprises that commenced commercial production after the scheme’s launch
• Only those units permanently registered with Entrepreneur Memorandum II are eligible
• The benefit is applicable for 5 years (20 quarters) from the quarter when the commercial production began
• The scheme applies to industries listed under the Green list and specified Orange list (Orange II, II B are excluded)
• The scheme is not applicable to units under a revival plan as per the sick unit revival policy
• The scheme applies to enterprises that have availed term loans or working capital loans from nationalized banks, scheduled banks, Co-operative Banks, or any other notified Financial Institutions
Exclusions
• Units under a revival plan are not eligible for this scheme
• Loans from Non-Banking Financial Institutions (NBFCs) are not eligible for the subsidy
Application Process
Offline
• Step 1: Obtain the prescribed proforma from the Directorate of Industries, Trade and Commerce. The form can also be downloaded from the official website
• Step 2: Print the form, fill in the required details, paste a passport-sized photograph, and attach all mandatory documents (self-attested, if required)
• Step 3: Submit the completed application form and documents to the Task Force Committee constituted under the scheme
• Deadline: Applications must be submitted after the closing of each financial year and before 31st May
Post-Application Processes
• Step 1: The Task Force Committee will scrutinize and recommend the applications within 3 months of receipt
• Step 2: The subsidy amount will be disbursed within 6 months from the date of receipt of applications
Documents Required
• Certificate issued by the bank or specified financial institution showing total interest paid by the unit
• Proof of commencement of commercial production from the Directorate of Industries, Trade and Commerce
• Entrepreneur Memorandum II Registration Proof
• Financial Statements showing net turnover (excluding taxes like sales tax and excise, and net of discounts)
• Self-attested documents such as PAN card, ITR, caste certificate, or any other relevant document
Frequently Asked Questions (FAQs)
Q: For how long were units eligible to receive benefits under the scheme?
A: Eligible units could receive benefits for 5 years (20 quarters) from the quarter of commercial production.
Q: Which industries were covered under the scheme for eligibility?
A: Industries under the “Green” list and specified “Orange” list were eligible. Orange II, II B units were excluded.
Q: Were units under a revival plan eligible for benefits under the scheme?
A: No, units under a revival plan as defined by the sick unit revival policy were not eligible.
Q: What types of loans made units eligible for benefits under the scheme?
A: Units that had availed term loans and working capital loans from recognized banks or financial institutions were eligible.
Q: What was the maximum subsidy amount a unit could receive annually under the scheme?
A: The maximum subsidy a unit could receive was ₹5,00,000 per annum.
Q: How was the net turnover calculated for determining the subsidy amount?
A: The net turnover was calculated excluding taxes such as sales tax and excise tax, and after accounting for any discounts.
Q: Were women entrepreneurs eligible for additional benefits under the scheme?
A: The scheme did not specify additional benefits for women entrepreneurs.
Q: Who scrutinized and recommended the applications under the scheme?
A: The Task Force Committee was responsible for scrutinizing and recommending the applications.
Q: What was the timeline for the Task Force Committee to process applications?
A: The Task Force Committee would scrutinize applications within 3 months and disburse funds within 6 months.
Q: What happened if a claim was not filed by the specified deadline?
A: Claims filed after the deadline may not be processed.
Q: Who chaired the Task Force Committee responsible for processing applications?
A: The chairperson of the Task Force Committee was from the Directorate of Industries, Trade, and Commerce, Goa.