Interest Subsidy Scheme, 2008

Description
Launched in 2008, the scheme "Interest Subsidy Scheme, 2008" by the Directorate of Industries, Trade and Commerce, Government of Goa aimed to boost economic growth in the state by providing interest subsidies to Micro and Small Enterprises. The scheme offered financial incentives to new enterprises, making their operations more viable and promoting industrial growth. Eligible units included those that had commenced commercial production after the scheme's launch and were registered with the Directorate. The scheme remained in force until 31st March, 2011.

Benefits
• Incentives were given to eligible units to the extent of 1% of the total net turnover or 30% of the interest paid by the units, whichever was less, subject to a ceiling of ₹5,00,000/- per annum.
• The benefit under this Scheme was for a period of 5 years (20 quarters) from the quarter of applicability.

Eligibility Criteria
1. - Only new Micro and Small Enterprises which went into commercial production after the commencement of this Scheme were eligible to avail facilities under this Scheme.
2. - Only those units permanently registered with Entrepreneur Memorandum II by the Directorate of Industries, Trade and Commerce were eligible under this Scheme.
3. - Units were eligible for the benefit for the period of 5 years (20 quarters) subsequent to the quarter in which the commercial production had commenced.
4. - This Scheme was applicable to industries covered under the “Green” list and specified “Orange” List (The units covered under Orange II, II B were not entitled to avail benefit under this Scheme).
5. - This Scheme was not applicable to units under revival plan as defined under sick unit revival policy.
6. - The Scheme was applicable to the units which had availed loan as term loan and working capital from nationalized banks or scheduled bank or Co-operative Bank or Economic Development Corporation Ltd. or any other Financial Institution notified by the Government of Goa.

Application Process
Step 1: Step 1: The interested applicant had to obtain the specified proforma from the Directorate of Industries, Trade and Commerce. Alternatively, the prescribed format could also be downloaded from the official website of the Directorate.
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Step 1: The interested applicant had to obtain the specified proforma from the Directorate of Industries, Trade and Commerce. Alternatively, the prescribed format could also be downloaded from the official website of the Directorate.

Step 2: Step 2: The applicant was required to take a print of the form, fill in all the mandatory fields, paste a passport-sized photograph, and attach copies of all the mandatory documents (self-attested, if required).
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Step 2: The applicant was required to take a print of the form, fill in all the mandatory fields, paste a passport-sized photograph, and attach copies of all the mandatory documents (self-attested, if required).

Step 3: Step 3: The duly filled and signed application form, along with the documents, had to be submitted to the Task Force Committee constituted under the Scheme.
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Deadline: The applicants had to submit the application after the closing of every financial year and before 31st May.

Step 4: Step 1: The Task Force Committee scrutinized and recommended the applications within 3 months from the receipt of such applications.
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Step 1: The Task Force Committee scrutinized and recommended the applications within 3 months from the receipt of such applications.

Step 5: Step 2: The amount payable was disbursed within 6 months from the date of receipt of the applications.
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Step 2: The amount payable was disbursed within 6 months from the date of receipt of the applications.

Required Documents
• Certificate Issued by the Nationalized Banks/specified Financial Institutions in Respect of Total Interest Paid by the Units.
• Proof of Commercial Production Commencement Date as Recorded by the Directorate of Industries, Trade and Commerce.
• Entrepreneur Memorandum II Registration Proof.
• Financial Statements Showing Net Turnover (Excluding Taxes Such as Sales Tax and Excise, and Net of Any Discounts).

Frequently Asked Questions
Q: For how long were units eligible to receive benefits under the scheme?
A: Units were eligible for benefits for a period of 5 years (20 quarters) from the quarter in which commercial production commenced.

Q: Which industries were covered under the scheme for eligibility?
A: The scheme was applicable to industries covered under the "Green" list and specified "Orange" List, excluding units under Orange II and II B.

Q: Were units under a revival plan eligible for benefits under the scheme?
A: No, units under a revival plan as defined under the sick unit revival policy were not eligible for benefits under the scheme.

Q: What types of loans made units eligible for benefits under the scheme?
A: Units that had availed term loans and working capital from nationalized banks, scheduled banks, Co-operative Banks, Economic Development Corporation Ltd., or other notified financial institutions were eligible.

Q: What was the maximum subsidy amount a unit could receive annually under the scheme?
A: The maximum subsidy amount a unit could receive annually was [?]5,00,000/-, calculated as 1% of net turnover or 30% of interest paid, whichever was less.

Q: How was the net turnover calculated for determining the subsidy amount?
A: Net turnover was calculated by excluding taxes such as sales tax and excise, and any discounts from the total turnover.

Q: Were women entrepreneurs eligible for additional benefits under the scheme?
A: Yes, women entrepreneurs were eligible for any additional benefits granted by the Government of India or Government of Goa under other schemes.

Q: Who scrutinized and recommended the applications under the scheme?
A: A Task Force Committee, comprising members from the Directorate of Industries, Trade and Commerce, Finance Department, and industry associations, scrutinized and recommended applications.

Q: What was the timeline for the Task Force Committee to process applications?
A: The Task Force Committee scrutinized and recommended applications within 3 months and disbursed the subsidy within 6 months from the receipt of applications.

Q: What happened if a claim was not filed by the specified deadline?
A: If a claim was not filed by 31st May, the claim for that year lapsed, but eligibility continued for the remaining benefit period.

Q: Who chaired the Task Force Committee responsible for processing applications?
A: The General Manager (District Industries Centre) of the Directorate of Industries, Trade and Commerce chaired the Task Force Committee.

Q: Which government departments were represented in the Task Force Committee?
A: The Task Force Committee included members from the Directorate of Industries, Trade and Commerce, Finance Department, and representatives from industry associations.