Central Investment subsidy
This query is : Resolved
14 September 2021
*We availed term loan of 1Cr from Axis Bank in March 2019 for expansion of our chemical plant.
*We made an application for 15 Lakh Central Investment subsidy in March 2020.
*We also completed our expansion during this period.
*In June 2020,we paid entire loan from the earnings of company.
*Recently Axis bank rejected our subsidy claim on the ground that the loan should not have been paid before 3 years.
*Our argument is that it is subsidy on Plant & machineries & it has nothing to do with loan repayment.
Can someone throw light on this?
*We made an application for 15 Lakh Central Investment subsidy in March 2020.
*We also completed our expansion during this period.
*In June 2020,we paid entire loan from the earnings of company.
*Recently Axis bank rejected our subsidy claim on the ground that the loan should not have been paid before 3 years.
*Our argument is that it is subsidy on Plant & machineries & it has nothing to do with loan repayment.
Can someone throw light on this?
14 September 2021
Your argument is right the subsidy is on investment in plant and machinery and nothing to do with loan repayment.
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