LUCKNOW: Providing relief to entrepreneurs from paying double stamp duty on purchase of assets during auctions at units in industrial areas, chief secretary RK Tiwari on Thursday directed officials to abolish the practice of charging stamp duty on sale and lease deeds.
The CS said the stamp duty on this transaction should be charged just once as it only pertains to the transfer of lease. The direction was issued in light of a case pertaining to the UP State Industrial Development Authority, where it had charged M/s Tribula Exports, Kanpur, stamp duty twice for an auction under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act. With a decision in this case, 12 other similar cases will also be resolved.
During an inter-departmental review of investment promotion and problems being faced by entrepreneurs, the CS directed all district magistrates and departments concerned to “adopt a positive approach” towards promoting and facilitating investment and industries in the state. Tiwari was reportedly miffed with the officials for failing to provide complete information on issues related to investment promotion and facilitation listed for the meeting.
He warned the officials against showing up unprepared for future meetings, threatening them with action for any unnecessary delay in resolution of issues.
In another issue of a pending electricity bill of the previous unit that was purchased in auction by M/s Sadahari Shakti Pvt Ltd, Fatehpur, the CS said appropriate valuation of assets should be done in the event of pendency of dues of the previous unit and directed the department concerned to issue a government order in this regard.
During the meeting, nine issues related to the departments of infrastructure and industrial development, energy, housing, stamp and registration, agricultural marketing, cooperative and UPSIDA were discussed and officials were directed to resolve the issues in a time-bound manner.