Entrepreneurs In UP Get Relief On Double Stamp Duty On Assets Purchased In Auction In Industrial Development Authorities

Entrepreneurs In UP Get Relief On Double Stamp Duty On Assets Purchased In Auction In Industrial Development Authorities

Lucknow, December 11 (TNA) Chief Secretary of Uttar Pradesh Rajendra Kumar Tiwari has given strict instructions to District Magistrates and all concerned departments to adopt positive approach towards promoting and facilitating the investment and industries in the state according to the industrial and investment-oriented policies and rules of the state government.

The Chief Secretary was presiding over a high-level inter-departmental meeting on investment promotion and problems of entrepreneurs in his office at Lok Bhawan on Thursday. The top-ranking official also directed that practice of charging the stamp duty twice, once on sale-deed and then on lease-deed, on the assets purchased in auction of units set up in industrial development authorities should be abolished as per the rule, as it is only the transfer of lease and hence stamp duty should be charged only once.

These instructions were issued to U.P. State Industrial Development Authority (UPSIDA) in connection with the resolution of case of M/ s Tribula Exports, Kanpur regarding payment of stamp duty twice in the matter of the auction under SARFAESI Act-2002 (The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act). As a result of the above decision, about 12 other cases of similar nature will also be resolved.

In the case of pending electricity bill of the previous unit that was purchased in auction by M/s. Sadahari Shakti Pvt. Ltd., Fatehpur, the Chief Secretary directed that appropriate valuation of assets should be done in the event of pendency of dues of the previous unit located in the Industrial Development Authorities being auctioned under various Acts. He directed to issue a government order in this regard.

Expressing displeasure over the lack of complete information on the issues listed in the meetings related to investment promotion and facilitation, Tiwari said that officers should attend meetings with proper preparation, unnecessary delay in resolution of issues will attract punitive action.

In the meeting nine issues related to departments of Infrastructure and Industrial Development, Energy, Housing, Stamp and Registration, Agricultural Marketing, Cooperative, UPSIDA were discussed and the concerned departments were instructed for quick redressal in a time bound manner.

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