Pharma Industry Gets Wings In Uttar Pradesh, Orders Issued For 100% Exemption In Stamp Duty Issued

Lucknow, Sep 15 (TNA) Under the Uttar Pradesh Pharmaceutical and Medical Equipment Industry Policy 2023, it has been decided to exempt stamp duty on setting up a new pharma and medical unit. Under this, a provision has been made for 50 to 100 percent exemption in stamp duty on purchasing and leasing a plot.

The state government has given big relief to the pharma industry to give impetus, an official said. In this regard, Principal Secretary Leena Johri issued a government order on Thursday. Under the Uttar Pradesh Pharmaceutical and Medical Equipment Industry Policy 2023, 100 percent exemption in stamp duty will be given on the purchase of land by the developer for setting up a new pharma and medical equipment park.

Individual buyers will get 50 percent discount in stamp duty on the first purchase of a plot in the Pharma and Medical Equipment Park. Under this policy, a provision of 100 per cent exemption in stamp duty has been made for all new units across the state to purchase land and take building on lease for setting up units.

Existing units expanding their business by at least 25 percent through new capital investment will get 100 percent stamp duty exemption. For this, the DM or Deputy Commissioner of Industries will certify that the industry is being established under the new policy.

For exemption in registration, the entrepreneur will have to present a bank guarantee equal to the exemption in stamp duty before the registration officer. The period of bank guarantee will be at least five years. Units that have availed stamp duty benefits under any other scheme will however not get this benefit.