Tax benefits under Stand Up India Scheme
The government will provide 80% rebate on patent filing fee under the scheme if the patent is filed by a startup. The scheme includes Credit Guarantee Fund and entrepreneurs need not to pay any income tax for the first 3 years. This will help startup grow at even faster pace without worrying about paying heavy taxes.
Interest Rates Under Stand Up India Loan Scheme
For sure, the loan under Stand Up India scheme will be provided at interest rate less than any other commercial loans provided by the financial institutions. The low interest rates charged to the borrowers will also help reduce the burden of paying back the loan amount. The interest rate may also depend upon the loan amount which vary between Rs 10 Lakh and 1 Crore.
The basic eligibility criteria for stand up India scheme is
- The company should be a private limited/LLP or a partnership firm.
- The age of the company/firm should not be more than 5 years.
- The annual turnover of the company should not exceed Rs. 25 Crore.
- A company dealing with commercial goods or innovating consumer products with approval from DIPP (Department of Industrial Policy & Promotion) will only be eligible for the loan.
- The company should also produce few more letters/documents at the time of application.
Helpline Number for Stand Up India
At present, there is no dedicate support team to help interested candidates regarding the scheme. However, more information about the initiative can be obtained by calling to concerned group at 011 40540722.