Missing stamp duty notification holds investments in Vidarbha

NAGPUR: After the successful hosting of ' Advantage Vidarbha' in the last stanza of February this year, the scenario looked bright for the industrial growth in this backward Maharashtra region but it seems the going has not been well.

The government came out with a commitment for industrial development of Vidarbha region while announcing the new Industrial Policy early this year. It floated a revised package scheme of incentives-2013 ( PSI) wide a GR on April 1, 2013. But so far it has failed to issue necessary notification for implementing its own decision.

The Industries, Energy and Labour department of the government issued GR on the date, under the new Package Scheme of Incentives (PSI) and many assurances were given to the investors, of which one was the provision of stamp duty waiver.

The entrepreneurs who obtain plot from other allotments on a transfer basis in the MIDC need to execute supplemental agreement for registration of such plots with the MIDC. The package incentive of scheme provides with exemption of stamp duty to these transfer ed plots, sources close to Industries department told PTI.

Accordingly a letter confirming waiver of stamp duty is issued to such units by the District Industries Centre (DIC), the implementing agency for Government of Maharashtra.

But the transfered plot allotees are anxiously awaiting issuance of notification of stamp duty waiver under the Revene and Forest department. There are number of applications pending in almost all disticts in Vidarbha seeking stamp duty waiver. This has led to holding up investments in the region by way of new units, expansion and diversifications, they said.

As per the existing norms, industrialists have to pay 5.5 per cent stamp duty while procuring or extending a new unit but the PSI enables the waiver, sources added.

Agro processing industries in dairy, fruit and vegetable grain besides fish processing and consumer foods including packed foods and non-alcoholic beverages from fruit and vegetables were covered under the PSI, sources added.