International BusinessUP Inc wants withdrawal of stamp duty notification
Uttar Pradesh Inc has demanded the stamp duty on registration of industrial plots be charged on sale cost/premium lease basis and not on market value/circle rate of the land as notified recently.
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The state tax and registration notification, to be effective from December 12, stated that the stamp duty being levied on the basis of sale cost/premium lease of industrial plot would in future be levied on the basis of market value/circle rates of the land. The industry has warned if the above notification is implemented, industrialists will have to pay more for the purchase of plots, as stamp duty, when calculated on market value, would be very high compared with the one calculated on the basis of sale cost or premium lease. “This will discourage entrepreneurs and development will suffer,” MSME chamber Indian Industries’ Association president Anil Gupta said.