Interest Subsidy Scheme for Smaller Business Units

Description
Launched in 2018, the "Internet Subsidy Scheme" is one of the "Information Technology Policy Schemes" by the Department of Information Technology, Government of Goa. The objective and the scope of this scheme is to provide Internet Subsidy to the eligible Information Technology Units in the State of Goa. All the New and Existing Units having their operations in Goa are eligible. The scheme has been framed as a part of Goa's IT Policy that envisages Goa as an aspirational geographical and human resource base for IT Units and a preferred destination for their investment and expansion.

Exclusions
• The units availing similar financial incentives under any other policy of the Government of Goa are not eligible for availing benefits under this scheme.

Benefits
• For Smaller Business Units, interest subsidy on working capital loan will be provided, subject to a maximum of ₹ 5,00,000 per annum, for a period of 3 years.
• NOTE 1: The benefits under this scheme are subject to budgetary allocation. No Promissory Estoppel shall be applicable if benefits are discontinued in case the allocation is exceeded.
• NOTE 2: This incentive is allowed to be claimed once every fiscal year, up to a maximum of 3 years.

Eligibility Criteria
1. All the new and existing units must have their operations in Goa.
2. The applicant must be one of the below:
3. - Proprietorship Firm
4. - Private Limited Company incorporated under the Companies Act, 2013 (or equivalent)
5. - Public Limited Company incorporated under the Companies Act, 2013 (or equivalent)
6. - Registered Partnership Firm incorporated under the Indian Partnership Act, 1932 (or equivalent)
7. - Limited Liability Partnership incorporated under the Limited Liability Partnership Act, 2008 (or equivalent)
8. The bank accounts of the unit and/or its partner(s)/director(s) should be linked to Aadhaar.

Application Process
Step 1: Step 1: Visit the Official Web Portal of Goa Online. At the top right corner, click "Register".
Online
Step 1: Visit the Official Web Portal of Goa Online. At the top right corner, click "Register".

Step 2: Step 2: On the next page, verify your Email ID and Mobile Number using OTP. You will be redirected to the Registration Page.
Online
Step 2: On the next page, verify your Email ID and Mobile Number using OTP. You will be redirected to the Registration Page.

Step 3: Step 3: On the Registration Page, fill in all the mandatory fields of the registration form. Create a Login Name and a strong Password. Carefully read the Declaration and the Terms & Conditions, and tick the checkboxes. Fill in the Captcha Code, a…
Online
Step 3: On the Registration Page, fill in all the mandatory fields of the registration form. Create a Login Name and a strong Password. Carefully read the Declaration and the Terms & Conditions, and tick the checkboxes. Fill in the Captcha Code, and click "Register/Signup".

Step 4: Step 4: Login to the website using your Login Name and Password. Fill in the Captcha Code, and click "Login".
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Step 4: Login to the website using your Login Name and Password. Fill in the Captcha Code, and click "Login".

Step 5: Step 5: In the top ribbon, click on "Services", then click on "IT Services". Click on the name of the scheme. You will be taken to the application form for the scheme. Fill in all the mandatory fields and upload all the mandatory documents.
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Step 5: In the top ribbon, click on "Services", then click on "IT Services". Click on the name of the scheme. You will be taken to the application form for the scheme. Fill in all the mandatory fields and upload all the mandatory documents.

Step 6: Step 6: Submit the application. A unique registration number will be generated. Note this number for future reference.
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NOTE: The applicant can apply for this scheme on a quarterly/bi-annually/annual basis after incurring the relevant expenditure.
Incentive Application Receipt: D
Application scrutiny as per checklist: D+30days
Application approval by the Empowered Committee: D+60 days
Issue of Regret Letter/Sanction Orders and Disbursement: D+90 days

Required Documents
• Copy of Incorporation Certificate
• Copy of new unit registration document/certificate
• Copies of PAN, Aadhaar and GST TIN
• Memorandum and Articles of Association
• Copy of first bill generated showing the date of commencement of operations or other relevant document
• Copy of original loan agreement showing terms of the said loan, principal amount, rate of interest and other relevant details
• Copies of receipts/bank statements/demand drafts or other supporting document as proof of payment of interest for said period
• Udyog Aadhaar.

Frequently Asked Questions
Q: Where Can I Find The Link To The Scheme Guidelines?
A: You can access the comprehensive Scheme Guidelines, which provide intricate details and instructions, at the following web address: https://www.goa.gov.in/wp-content/uploads/2020/08/ITPolicySchemes2018.pdf

Q: Where Can I Find The Link To The Official Gazette?
A: You can obtain the Official Gazette by visiting this specific webpage: https://ditc.goa.gov.in/sites/default/files/Target-Schemes.pdf

Q: Where Can I Find The Link To The User Manual for Business Entity?
A: You can obtain the Official Gazette by visiting this specific webpage: https://services.goaonline.gov.in/Downloads/Organization/BusinessProfile_UserManual.pdf

Q: Is There Any Application Fee?
A: No, applicants can rest assured that the entire application process is entirely free of cost. There are no fees associated with applying for this scheme.

Q: How can I track the status of application?
A: Please visit https://goaonline.gov.in/StatusTrack to know the status of your application.

Q: When was the scheme launched and by which department?
A: The scheme was launched in 2018 by the Department of Information Technology, Government of Goa.

Q: What are the objectives of the Information Technology Policy of Goa?
A: Goa's IT Policy envisages Goa as an aspirational geographical and human resource base for IT Units and a preferred destination for their investment and expansion.

Q: Is it mandatory for the applicant units, both new and existing, to have their operations in Goa?
A: Yes, in order to be eligible to apply for this scheme, the New and Existing Units must have their operations in Goa.

Q: Is Udyog Aadhaar a mandatory document for this scheme?
A: Yes, the applicant unit shall be eligible for the benefits under this scheme only up on production of Udyog Aadhaar.

Q: Are the benefits under this scheme guaranteed?
A: The benefits under this scheme are subject to budgetary allocation. No Promisory Estoppel shall be applicable if benefits are discontinued in case allocation is exceeded.

Q: What is the tentative timeline for the Application scrutiny as per checklist?
A: The timeline for the Application approval by the Empowered Committee is 30 days from the receipt of the Application.

Q: What is the tentative timeline for the Application approval by the Empowered Committee?
A: The timeline for the Application approval by the Empowered Committee is 60 days from the receipt of the Application.

Q: How frequently can the incentive under this scheme be claimed, and for what maximum duration in a fiscal year is it allowed?
A: The incentive under this scheme can be claimed once every fiscal year, up to a maximum duration of 3 years.

Q: What is the maximum annual interest subsidy provided for working capital loans to Smaller Business Units under the scheme, and for how many years is this subsidy applicable?
A: The scheme offers an interest subsidy on working capital loans for Smaller Business Units, capped at [?]5,00,000 per annum. This subsidy is applicable for a period of 3 years.