PUNJAB CABINET NOD TO DOUBLE STAMP DUTY ON 17 ITEMS

CHANDIGAR:h The Punjab cabinet on Wednesday approved an ordinance to double the stamp duty rates of 17 items. There has been no increase on the stamp duty on sale of property.

Among items on which the stamp duty has been hiked are adoption deed, affidavit (including an affirmation or declaration in the case of persons by law allowed to affirm or declare), agreement or memorandum of an agreement, relating to sale of a bill of exchange, relating to the sale of a government security or share in an incorporated company or other body corporate, relating to the sale of immovable property, article of association of a company, when the authorised capital of the company does not exceed one lakh.

Punjab currently raises Rs 50 crore from stamp duty, which would go up by Rs 100-150 crore with the increase in rates.

■ The cabinet approved a policy to allow builders to surrender their licences in case they are unable to develop colonies or complete development works there. Surrendering of licence would be allowed in cases where the promoter had not sold/allotted/leased out any plot/apartment and not undertaken any development works at the site.

It was also decided to extend the enhanced 50% reservation for women in the matter of rotation for the offices of panchayat sarpanches, as well as chairpersons of panchayat samitis and zila parishads. The ordinance shall be submitted to the Punjab governor within seven days of the cabinet approval.

The cabinet also gave goahead to amend the Industrial and Business Development Policy-2017 to give investment incentive by way of Net State Goods and Service Tax (SGST) on intrastate sale, and has also given its nod to global tendering for the upcoming hi-tech cycle valley on a 100-acre industrial park in Ludhiana.