Uttaranchal revises stamp duty rates for new units

In a fresh attempt to attract industries, the Uttaranchal government has decided to charge stamp duty on circle rates at its upcoming industrial estates.

But the companies setting up their units at the private industrial estates would have to dole out stamp duty two times, Sanjeev Chopra, industrial development secretary, told Business Standard.

The decision is likely to benefit all those companies which are setting up their units at the government industrial estates in Hardwar and Pant Nagar.

The stamp duty at the information technology park in the Sahastradhara area of Dehra Dun would also be at the circle rate, Chopra said.

Private players are developing as many as seven industrial estates where the stamp duty will be two times. The stamp duty proposal was approved by the Uttaranchal cabinet at its recent meeting this week, he said.

The government is also contemplating a move to raise the limit of central sales tax cap from Rs 5 crore to Rs 25 crore for the benefit of industries.

For expansion of industries, now the central sales tax limit would be one per cent compared to the present four per cent, he said. A government order would be issued shortly, he added.

In yet another decision, the government has approved new compounding rates for the brick kilns varying from Rs 59,000 to Rs 700,000 lakh.

The government has also waived off taxes on the purchase of a table meant for pool game. "We consider pool game as part of sports so we have waived taxes on the purchase of game table," he said.

The government had received several investment proposals for the industrial estates in Hardwar and Pant Nagar, Chopra said.