Interest Subsidy for Startup Units in Punjab
Dear Businessman/Investors,
In Series of KIP: Business and Subsidy Update, today we are going to share with you benefit of INTEREST SUBSIDY FOR STARTUP UNITS IN PUNJAB
Objectives
The objective of this scheme is to accelerate industrial growth and job creation, To develop world class infrastructure and bring anchor units, To provide quality and affordable power to the Industry, To accelerate growth of MSMEs, To focus on startup and entrepreneurship and to facilitate availability of skilled manpower for the industry.
Quantum of Assistance
Interest Subsidy under Fiscal incentives for Startup Units:
Eligible Start-ups shall be provided interest subsidy of 8% per annum for a period of 5 years on the rate of interest paid on loans obtained from scheduled banks/financial institutions subject to the maximum limit of INR 5 lakh per annum. No separate Interest subsidy as MSME will be provided.
Eligible Entities
In this policy, assistance can be avail by an entity/organization such as Private Sector Companies / Partnership Firms / Proprietorship Firms/ LLP etc.
Time of Applicability of Incentives
The unit can apply for the subsidy within three months from the date of approval of ICAF or within three months of closing of financial year whichever is later for which incentive is being claimed.
Eligibility
- The unit must be registered with the Department of Industries online.
- The MSME should have obtained Udyam Registration.
- The Large units should have filed IEM with DPIIT, Government of India.
- The Unit shall not be manufacturing item placed in the negative list as notified under the Policy and amended from time to time.
- All the entrepreneurs should have Permanent Account Number (PAN) and should regularly file the Income Tax Returns.
- The unit should be in regular production at the time of disbursement of incentive except those incentives which are in pre-production stage such as Stamp Duty.
- All eligible Units set up on rented premises should furnish a registered lease deed for a period equal to more than the period of incentives.
Applicability
The policy will be applicable for 5 years from 17-10-2022 and can be extended further by the State. The policy may be amended and modified in the course of implementation.
For, more information you are requested to contact our KIP subsidy helpline on Mail – sales@kipfinancial.com and contact Number – +918683898080
KIP Financial Consultancy Pvt. Ltd.
DSB – 38, Red Square Market, Hisar – 125001 (HR)
Leave a Comment