Maharashtra extends stamp duty

Maharashtra extends stamp duty
09/11/2017 , by , in News/Views

To provide a fillip to the industries, the Maharashtra government has approved a 15-year extension to an already existing concession that is given to Special Economic Zones (SEZ) in the state.

In 2007, the government had approved the waiver of stamp duty for a period of 10 years to industrial units that were starting businesses in SEZs. Many SEZs, however, failed to take off.

But the step was taken to provide impetus to the Special Economic Zone (SEZ) policy and to encourage more people to start industrial units in the state.

A senior IAS officer said, “The waiver was applicable from the date of notification and it would have ceased to exist at the end of 2017. Hence it was necessary to give extensions.”

In the cabinet meeting on Tuesday, an extension of 15 years was approved.

“But this will be given in a phase-wise manner for five years each time. Section 50 (a) Special Economic Zone (SEZ) Act, 2005 authorises the government to give tax exemptions to various groups,” the officer said.

As per statistics given by the industries department, there are 69 approved SEZs in the state of which 28 are operational with a total of 665 units and an investment of over Rs 40,000 crore. They generate over three lakh jobs in the state.

The first unit was set up in an SEZ in Pune on July 19, 2006.

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