Incentive Scheme for MSMEs in Powerloom Sector: Subsidy on Stamp Duty and Registration Fees

DETAILS The scheme “Subsidy on Stamp Duty and Registration Fees” is a sub scheme under the “Incentive Scheme for MSMEs in Powerloom Sector”. It was launched on 1st January, 2022, by the Department of Micro, Small & Medium Enterprises and Textiles, Government of West Bengal, and shall remain valid upto 31st December, 2024. Objective of the "Incentive Scheme for MSMEs in Powerloom Sector”: The objective of the Scheme is to extend fiscal incentives for installation of New age shuttleless Powerlooms by MSMEs in Textile sector with a view to boost production of the improved quality fabrics and to create a sustainable ecosystem for MSMEs in Textile sector which can maximize the utilization of resource, generate new employment and widen the area of operation to make the State emerge as the leader in Powerloom sector in country. Objective of the "Subsidy on Stamp Duty and Registration Fees" Sub-scheme: Through this incentive, eligible micro, small and medium enterprise in the Powerloom sector will be entitled to a reimbursement of stamp duty and registration fee paid by it for the purpose of registration of documents within the State. BENEFITS Micro & Small Enterprise: Zone A: 75% Zone B: 75% Zone C: 75% Zone D & E: 100% Medium Enterprise: Zone B, C, D and E: 75% ELIGIBILITY The Scheme shall be generally applicable to all micro, small, and medium enterprises (MSMEs) in the powerloom sector. Enterprises must have started production from 01.01.2022 to 31.12.2024. Enterprises should have executed a Four-party agreement with the Directorate of Textiles, Financial institution and Tantuja. The units should be a private sector, cooperative sector and joint sector undertaking as also companies/ undertaking owned and managed by the State Government and the Industrial SHGs. The project should be covered by a detailed feasibility report/project prepared for the purpose. The project should have been approved and sanctioned by a Central Financial Institution or Commercial Banks or State Financial Institutions. Exclusions Enterprises registered and for which eligibility certificates have been issued/ incentives have been sanctioned and/ or disbursed under the respective Incentive Scheme of the State. Enterprises registered and for which eligibility certificate have been issued in terms of the respective Incentive Scheme of the State but no sanction or disbursement of incentive has been made. Enterprises commenced production before 31.12.2021 and applied for incentive under the respective Incentive Scheme of the State within the stipulated date (The claim will be governed by the respective Incentive Scheme of the State).