 "Odisha stamp duty on mines to fetch Rs 1,000 cr")
Odisha expects to mop up additional revenue of about Rs 1,000 crore annually from the mining sector through levy of 15 per cent stamp duty on mining leases.
The state government moved the Indian Stamp (Odisha amendment) Bill 2013 in the assembly today. The finalisation of the Bill will allow the government to charge the stamp duty on miners including those operating their leases under deemed extension.
In the absence of an amendment to the prevailing statute, the state government was losing out on revenue as mine owners were being allowed to continue their operations under 'deemed renewal' for years with the state government sitting over the renewal process. The operation of leases under 'deemed renewal' obviated the need to execute a fresh lease agreement wherein miners were required to pay stamp duty.
As many as 329 applications of mine lessees were pending for renewal. Fifty (50) leaseholders were continuing operations under ‘deemed extension’.
The state government moved the Indian Stamp (Odisha amendment) Bill 2013 in the assembly today. The finalisation of the Bill will allow the government to charge the stamp duty on miners including those operating their leases under deemed extension.
In the absence of an amendment to the prevailing statute, the state government was losing out on revenue as mine owners were being allowed to continue their operations under 'deemed renewal' for years with the state government sitting over the renewal process. The operation of leases under 'deemed renewal' obviated the need to execute a fresh lease agreement wherein miners were required to pay stamp duty.
As many as 329 applications of mine lessees were pending for renewal. Fifty (50) leaseholders were continuing operations under ‘deemed extension’.