UTTAR PRADESH
UTTAR PRADESH GOVERNMENT ANNOUNCES STAMP DUTY EXEMPTION ON ACQUISITION OF LAND ON A FREEHOLD/LEASEHOLD BASIS.
The Government of Uttar Pradesh has announced an exemption of stamp duty on the acquisition of land for the establishment of new units/parks in private industrial parks vide notification dated 12.04.2023. According to the notice, any unit which has already reaped the benefits of stamp duty exemption under any other policy is not eligible for this exemption. This was done as a part of the Uttar Pradesh Government’s Promoting Leadership and Enterprise for Development of Growth Engines (“PLEDGE”) schemes.
Under the Uttar Pradesh government’s Warehousing and Logistics Policy 2022, vide notification dated 12.04.2023, the State Government had announced exemptions on the acquisition of land on a freehold and leasehold basis for the setting up of logistics parks. This was done to maximise the establishment of micro, small and medium enterprises units under the Micro Small and Medium Enterprises Promotion Policy, 2022, vide notification dated 20.03.2023.
This exemption was also given for the setting up of solar energy parks across the state under the Solar Energy Policy, 2022, vide notification dated 12.04.2023. Irrevocable bank guarantee of the amount equivalent to the remission of the stamp duty in favour of the Uttar Pradesh New and Renewable Energy Development Agency (“UPNEDA”) shall be presented before the registration officer at the time of registration of such deed.
Women entrepreneurs are also entitled to avail of a special stamp duty exemption of 100% for the establishment of units/parks in private industrial parks and under the Micro Small and Medium Enterprises Promotion Policy 2022.
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