Planning
to start a new business? First thing that comes up in mind is the large
investments to be done to start such business. No business can succeed without
taking risks whether it be investment risk, financing risk or operational risk.
One has to undertake such risks to take their business at new levels of
heights. Now if we talk about investment risk, a lot of funds are required to
be invested, sometimes at the cost of personal capital also.
Here’s how you get Govt.’s assistance for huge
amount savings.
Subsidies
constitute major part of government expenditures aims at providing assistance
to budding entrepreneurs. Central Government is now encouraging such
entrepreneurs by running various subsidy schemes all over India. These
government oriented subsides are majorly beneficial for
Manufacturing/Industrial units who have either (i) applied for sanctioning of a
Term Loan against Machinery & allied equipments OR (ii) whose full/part
disbursement is pending from Bank’s end in case already applied for such Term
Loan (such subsidy percent varies from 15 per cent to 50 per cent totally
depending upon the work to be carried out by such units).
1.
Credit
Linked Capital Subsidy Scheme (CLCSS)
This scheme is being run by
Ministry of Small Scale Industries for Technology Upgradation of Small Scale
Industries and amount being subsidized shall be up to maximum of 15% of cost of
Plant & Machinery (subject to maximum ceiling of Rs. 15 lakhs).
2.
Capital
Investment Subsidy Scheme
Being run by National Horticulture
Board, this scheme covers Construction, Expansion/Modernization of Cold Storage
for Horticulture produce wherein amount of subsidy is subject to 35% of
‘Capital Cost of Project’ in general areas and 50% in North-east region, Hilly
& Scheduled areas.
3.
Development
of commercial Horticulture
This scheme is run by National
Horticulture Board for development of commercial horticulture through
production & post-harvest Management of horticulture Crops where maximum
amount of subsidy being 50% of ‘Original Cost of Project’.
4.
Subsidy
scheme for only Integrated Post-Harvest Management Project
Being run by National Horticulture
Board for development, maximum amount of subsidy is 35% of ‘Capital Cost of
Project’ in general areas (subject to a maximum of Rs.50.75 lakhs) and 50% of
‘Capital Cost of Project’ in North-eeast region, Hilly & Scheduled areas
(subject to a maximum of Rs.72.50 lakhs)
5.
Subsidy
scheme for boosting Seed Production in Private Sector
Maximum amount of subsidy under this
scheme (being run by National Seed Corporation which is under the
administrative control of Ministtry of Agriculture & Farmers Welfare) is
40% in general areas and 50% in Hilly & Scheduled areas (subject to a
maximum ‘Capital Cost of Project’ being Rs. 150 lakhs).
By
providing initial financial assistance to small-scale industries, the
Government of India has taken a big leap in encouraging many prospective
entrepreneurs across the country to start their own business without
worrying about the initial funding problems.
Do not miss our next update on Latest Amendments.
You
may drop in your queries at team@clicknfile.in
or directly get in touch with our finance/tax experts @ 8872032114, 8872032116,
8872013116
Some recent updates that you would not like to miss
–
1. 15.03.2017 (Wednesday)
is the last day for Payment of Advance Income Tax by all assessees including
44AD cases (100%).
2. Ministry
of Finance has withdrawn Service Tax Exemption to Education Institutions other
than an institution providing services by way of pre-school education and
education up to higher secondary school or equivalent. The new amendment will
be applicable w.e.f. 1st day of April, 2017.
3. The scope of definition of “Person” as per GST is
proposed to include (i) Limited Liability Partenership, (ii) Any Corporation
established by or under any Central, State or Provincial Act or a government company
as defined in Sec 2(45) of Companies Act, 2013, (iii) Any body corporate
incorporated by or under the laws of a country outside India
(foreign company or body corporate), (iv) Trust and (v) Association of
persons/body of individuals outside India.
4. Now
Income Tax Department will issue statutory legal notice to taxpayers who
haven’t responded to cash deposit verifications after demonetization.
5. GST
council clears final draft of CGST & IGST law. UTGST & SGST bills shall
be finalized at next meeting of Council on 16th March 2017.
6. GST
Council have decided to levy 5% rate on dhabas and small restaurants under GST.
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