Post understanding of eligibility, procedure, documentation to avail subsidies/incentives it is pertinent to note the nitty-gritties of subsidies to avoid hurdles in due course. We tend to overlook the basics which result in the rejection/delay in sanction of the proposal.
For the purpose of availing aforesaid incentives, manufacturing and service industries have been categorized into the following:
it means an entity incorporated or registered in India:
i. Not prior to seven years, however for Biotechnology Startups not prior to ten years, as on date of availing the subsidy.
Ii. With annual turnover not exceeding INR 25 crore in any preceding financial year,
iii. and working towards innovation, development or improvement of products or processes or services,
All manufacturing and service industry units as defined by Ministry of MSME, Government of India from time to time.
Online Portal for Fiscal Incentives
The government of Punjab has set up Business First Portal by upgrading the existing one[H1] stop clearance system for sanction and disbursement of fiscal incentives to the eligible units.
All manufacturing and service industry units not falling within the definition of MSME as defined by the Ministry of MSME, Government of India from time to time.
The units meeting the following criteria have been categorised as Anchor Units
|Sectors Apparel & Made ups Electronics Food Processing Footwear & Accessories IT & ITES||Minimum FCI (Rs in Crore) 50||Or Minimum Direct Employment Generation 500|
|Any other Manufacturing Sector or Service Sector (as defined for large Industries)||200||1000|
Overall procedure to avail such incentive(s) is online and quite streamlined.
The Portal offers the following salient features:
i. Standardization of procedures and timelines for incentives;
ii. Providing all incentives through online Portal of the State;
iii. Creating Combined Application Form for Incentive (CAF-I);
iv. Ensuring that the incentive applications are processed online by the concerned officers / departments and status of the application is updated at each step;
v. Ensuring that the status of all incentive applications is available online;
There are various schemes that the Government offers to MSMEs such as exemption from stamp duty, property tax which can be a game changer. To bank upon such schemes, we Lawmax Management Consultants Private Limited offer end-to-end expert advice right from the filing of application till the disbursal of incentive/aid.
Please feel free to write to us to get more information about the same.