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Friday, June 14, 2024

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Friday, June 14, 2024

UP women entrepreneurs to get 100% rebate in stamp duty

The micro, small and medium enterprises (MSMEs) coming up in Purvanchal and Bundelkhand regions of UP will be eligible for 100 per cent exemption on stamp duty.

Lucknow:

The Uttar Pradesh government will be offering incentives to women entrepreneurs who get into manufacturing in the state.

This will be a major push for Mission Shakti.

The micro, small and medium enterprises (MSMEs) coming up in Purvanchal and Bundelkhand regions of UP will be eligible for 100 per cent exemption on stamp duty.

Releasing the key exemptions being offered under the UP MSME Promotion Policy 2022, the government has announced that the state has been divided into five regions to encourage entrepreneurship in the manufacturing sector and will provide subsidies under various slabs.

The five regions in the state are going to be Purvanchal (revenue divisions of Prayagraj, Varanasi, Mirzapur, Azamgarh, Basti, Gorakhpur, Devipatan and Faizabad), Bundelkhand (revenue divisions of Chitrakoot Dham and Jhansi), Pashimanchal (revenue divisions of Agra, Aligarh, Moradabad, Meerut, Saharanpur and Bareilly), Madhyanchal (revenue divisions of Lucknow and Kanpur) and the fifth being Ghaziabad and Gautam Buddha Nagar districts in the national capital region.

While 100 per cent exemption in stamp duty is going to be offered in Bundelkhand and Purvanchal regions, in Madhyanchal and Pashimanchal 75 per cent of the stamp duty is going to be refunded.

In Ghaziabad and Gautam Buddha Nagar that comprises the industrial towns Noida and Greater Noida, only 50 per cent rebate is going to be offered.

“But if a woman entrepreneur opens a unit, she is going to get a 100 per cent rebate anywhere in the state,” a senior government officer said.

Similarly, if an industrial park, estate, flatted factory complex is set up over 10 acre or more, the government is going to offer 100 per cent rebate.

“The investing units will have to provide a bank guarantee equivalent to the amount of exemption due to the entrepreneur which is going to be released after the unit starts production,” the officer added. IANS

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