The Government of Chhattisgarh on July 21, 2023, issued a notification regarding remitting the Closed/sick declared industrial unit, from the stamp duty chargeable on instruments executed relating to the purchase by another industrialist/firm/company by another industrialist/firm/company for re-operation and rehabilitation of industries under the Chhattisgarh Closed/Sick Industries Special Incentive Policy, 2019.
This notification shall come into force on July 21, 2023, and shall be effective till 31 October 2024.
The following has been stated namely: -
• It states that Remission from Stamp duty shall be effective for all eligible micro and small, medium, large industries, mega project, and ultra mega project industries (except the ineligible industries attached Appendix-'I') for the rehabilitation of Closed/Sick Industries.
• When Closed/Sick Industries is purchased by another Industrialist/Firm/ Company, Remission from Stamp duty shall only be provided under the provision of the Chhattisgarh Closed/Sick Industries Special Incentive Policy, 2019 in case of diversification/expansion of existing.
• The exemption certificate issued by the Chief-General Manager/General Manager of the concerned District Trade and Industry Center in cases of micro and small, Closed/sick industries and in cases other than micro and small-scale industries, the exemption certificate issued by the Commissioner of Industries/Director of Industries or the officer so authorized, will be accepted for exemption from stamp duty.
• It states that the Original certificates are to be presented along with the documents submitted for registration, and shall be made part of the office record.
• The remission from stamp duty so granted to the concerned unit shall become ineffective immediately on breach of the terms and conditions mentioned in the Chhattisgarh Closed/Sick Industries Special Incentive Policy, 2019 and the amount of remission from stamp duty shall be recovered as arrears of land revenue, along with an interest at the rate of twelve and a half percent from the date of such remission, with the coordination of the Industries Department.
• It further states that No remission shall be granted on such documents wherein the concerning party has paid the stamp duty prior to the date of publication of this notification in the Gazette.
[Notification No. No. F 10-46/2019/CT(R)/V(28)]
