Launched in 2018, the Interest Subsidy Scheme for Smaller Business Units is one of the Information Technology Policy Schemes by the Department of Information Technology, Government of Goa. The primary objective of this scheme is to provide an interest subsidy on working capital loans to eligible Information Technology Units in the State of Goa. This scheme is part of Goa’s IT Policy, which aims to position Goa as an aspirational geographical and human resource base for IT units and as a preferred destination for investment and expansion.
Benefits
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For Smaller Business Units, an interest subsidy on the working capital loan will be provided, subject to a maximum of ₹5,00,000 per annum for a period of 3 years.
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NOTE 1: The benefits are subject to budgetary allocation. No promissory estoppel applies if benefits are discontinued when the allocation is exceeded.
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NOTE 2: This incentive can be claimed once every fiscal year for a maximum duration of 3 years.
Eligibility
To be eligible for the scheme, applicants must meet the following criteria:
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All new and existing units must have their operations in Goa.
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The applicant must be one of the following:
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Proprietorship Firm
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Private Limited Company (incorporated under the Companies Act, 2013 or equivalent)
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Public Limited Company (incorporated under the Companies Act, 2013 or equivalent)
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Registered Partnership Firm (incorporated under the Indian Partnership Act, 1932 or equivalent)
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Limited Liability Partnership (incorporated under the Limited Liability Partnership Act, 2008 or equivalent)
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The bank accounts of the unit and/or its partner(s)/director(s) must be linked to Aadhaar.
Exclusions
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Units that are already availing similar financial incentives under any other policy of the Government of Goa are not eligible for this scheme.
Application Process
The application process is conducted online:
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Registration:
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Visit the Official Web Portal of Goa Online.
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Click “Register” at the top right corner.
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Verify your Email ID and Mobile Number using OTP. You will be redirected to the Registration Page.
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Complete the registration by filling in all mandatory fields, create a Login Name and a strong Password, agree to the Declaration and Terms & Conditions, and complete the Captcha.
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Login:
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Log in using your Login Name and Password.
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Application Form:
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In the top ribbon, click on “Services”, then select “IT Services”.
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Click on the name of the Interest Subsidy Scheme to access the application form.
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Fill in all mandatory fields and upload all required documents.
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Submission:
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Submit the application and note the unique registration number for future reference.
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Note: Applicants can reapply on a quarterly, bi-annual, or annual basis after incurring the relevant expenditure.
Disbursement Timeline
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Incentive Application Receipt: Day 0 (D)
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Application Scrutiny (Checklist): D + 30 days
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Application Approval by the Empowered Committee: D + 60 days
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Issuance of Regret Letter/Sanction Orders and Disbursement: D + 90 days
Documents Required
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Copy of Incorporation Certificate
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Copy of New Unit Registration Document/Certificate
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Copies of PAN, Aadhaar, and GST TIN
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Memorandum and Articles of Association
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Copy of the First Bill Generated showing the date of commencement of operations or another relevant document
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Copy of the Original Loan Agreement showing the terms, principal amount, and rate of interest
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Copies of Receipts/Bank Statements/Demand Drafts or other supporting documents as proof of interest payment for the specified period
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Udyog Aadhaar Certificate
Frequently Asked Questions
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Where can I find the link to the scheme guidelines?
The guidelines are available on the Official Web Portal of Goa Online and related departmental websites. -
Where can I find the link to the Official Gazette?
The Official Gazette can be accessed through the links provided on the official portal. -
Where can I find the link to the User Manual for Business Entity?
The User Manual for Business Entity is available on the official website alongside the application portal. -
Is there any application fee?
There is no application fee for this scheme. -
How can I track the status of my application?
The status of your application can be tracked using the “Track Application Status” feature on the Official Web Portal of Goa Online. -
When was the scheme launched and by which department?
The scheme was launched in 2018 by the Department of Information Technology, Government of Goa. -
What are the objectives of the Information Technology Policy of Goa?
The policy aims to establish Goa as a preferred destination for IT units by creating an aspirational geographical and human resource base for investment and expansion. -
Is it mandatory for applicant units to have their operations in Goa?
Yes, all applicant units must have their operations in Goa. -
Is Udyog Aadhaar a mandatory document for this scheme?
Yes, a Udyog Aadhaar Certificate is required. -
Are the benefits under this scheme guaranteed?
No, the benefits are subject to budgetary allocation and the SPC‘s approval; they are not an entitlement. -
What is the tentative timeline for application scrutiny?
Application scrutiny is expected to be completed within 30 days of receipt. -
What is the tentative timeline for application approval by the Empowered Committee?
Approval is expected within 60 days of application receipt. -
How frequently can the incentive under this scheme be claimed, and for what maximum duration in a fiscal year?
The incentive can be claimed once every fiscal year and is available for a maximum duration of 3 years. -
What is the maximum annual interest subsidy provided, and for how many years is this subsidy applicable?
The scheme provides a maximum of ₹5,00,000 per annum for a period of 3 years.