Stamp Duty Reimbursement Scheme

Stamp Duty Reimbursement Scheme (स्टाम्प ड्यूटी रिम्बर्समेंट योजना)

The “Stamp Duty Reimbursement Scheme” initiated by the Government of Goa aims to support startups, incubators, and accelerators in the state. This program significantly reduces the financial burden associated with stamp duty fees on land transactions, thereby fostering a conducive environment for budding enterprises.

Overview of the Scheme

Managed by the Department of Information Technology, Electronics and Communications, the Stamp Duty Reimbursement Scheme is designed to provide financial relief to startups in Goa. Under this initiative, the stamp duty incurred during the purchase or lease of land or developed areas by eligible entities will be capped at ₹100. Any amount exceeding this limit will be reimbursed to the entity.

Key Benefits

• The maximum stamp duty payable for land transactions by eligible startups, incubators, and accelerators is limited to ₹100.
• Any excess stamp duty paid will be reimbursed to the applicant.
• Each startup can benefit from this scheme once throughout its operational life.
• For incubators and accelerators, reimbursement is available after three years of successful operations, with potential exemptions for companies involved in incubator development.
• A total of 100 startups can access this benefit each year.

Note: The benefits provided under this scheme should not be construed as entitlements.

Eligibility Requirements

• The applicant must be a certified startup recognized by the Start-up Promotion Cell (SPC) or an incubator/accelerator listed with the SPC.
• Applications can be submitted only once in a lifetime by the applicant.
• Directors’ bank accounts must be linked to their Aadhaar numbers.
• Only expenses incurred within one year prior to the notification of the Goa Start-up Policy 2017 will be considered, provided they comply with the policy’s validity and are paid digitally. Exemptions can be made at the discretion of the SPC for non-digital payments.
• Each startup is eligible for benefits under this scheme only once.

Application Procedure

Offline Application Process

To apply offline, follow these steps:

1. Visit the official website of the Goa Startup Mission.
2. Verify your email address and mobile number using the OTP received. This will redirect you to the registration page.
3. On the registration/signup page, complete all required fields such as country, name, date of birth, address, PIN code, and gender.
4. Create a login name and a strong password (including special characters like @ # $ % ^ & + =).
5. Read the declaration and terms & conditions carefully, and tick the respective checkboxes.
6. Fill in the Captcha code and click “Register/Signup”.
7. Log in using your login name and password, complete the Captcha, and click “Login”.
8. Locate the online application form for the relevant scheme.
9. Complete all mandatory fields in the application form and upload necessary documents (self-attestation may be required).
10. Submit the application and keep a note of the application reference number for tracking purposes.

Alternatively, you can:

1. Print the application form from the website, fill in all required fields, and attach copies of necessary documents (self-attested if needed).
2. Email the completed and signed application form along with documents to the SPC at spc-dit.goa@gov.in.

Note: Applications can be submitted at any time during the financial year but must be within six months of the relevant expenditure.

Evaluation Process

1. Upon receipt of the complete application, the SPC will verify the details and conduct necessary due diligence on the expenses claimed by the applicant.
2. The SPC will then recommend the application for reimbursement sanction based on the verified expenses associated with filing or obtaining intellectual property rights, as applicable.

Notification Timeline

The SPC will evaluate all received applications and will communicate the approval or rejection decision within 45 days from the date of receipt.

Official Source

For more information, please visit myScheme.gov.in.