Canara GST Services: Seamless GST Compliance for Businesses

Canara bank with a view to broden the clientele base under MSME Segment of Indian Economy has introduced Canara GST scheme for financing Working Capital requirements of GST registered borrowers against collateral securities of immovable and / or approved collaterals (including bank deposits). We aim at providing financial support to New registered MSMEs with minimum of 6 month’s GST Turnover

• GST registered MSMEs including Individuals/Partnership Firm (other than partnership firms where HUF is a partner)/ company (excluding NBFC)/ Traders/ Businessmen/ professionals or self-employed persons/LLPs/ proprietary firms.
• At least 75% of turnover reflected in GST return should have been routed through the Bank account.
• GST returns of minimum for past six months.
• New GST Registered MSMEs with minimum business operation of 6 month’s will be eligible under the scheme.

• 12 months GST returns.
• Valuation report.
• Stock Statement.

Interest rate and Charges: Minimum ROI: RLLR p.a, Maximum ROI: RLLR+1.00 p.a subject to risk rating and collateral value

• RLLR Linked Interest Rates on Loans under MSME Lending.
• Provide the Link (Bank Rates Tab Service Charges).

• Entire turnover reflected in GST return to be routed through Account.
• Penal interest of 0.25%/0.50% as the case may be, from previous sanction to current renewal period, in case of lesser turnover routed through the account.
• Agree for the above conditions (i) and (ii) irrespective of continuing with your Bank/Canara GST Scheme.
• Agree to bring down the limit based on the reduced turnover if any, as per GST returns in succeeding year within a period of 3 months.
• Agree to pay penal interest at 2% for overdrawn portion, in case of delayed regularization of the limit.