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Relief on stamp duty extended till June 2009

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Express News Service

Posted: Jan 01, 2009 at 0033 hrs IST

Lucknow The state government has decided to extend the relief in stamp duty from eight per cent to five per cent for six months till June 2009. This was decided in the state Cabinet meeting, presided over by Chief Minister Mayawati on Wednesday.

The Stamps and Registration department had opposed the extension of the relief citing that the revenue of the department between August and November, had slumped by 25 per cent. The Cabinet, however, is of the opinion that four months is too short a period to assess the actual impact of the reduction in stamp duty. 

The urban development department was also against the rollback of the concession as the state government had already committed to the Centre to rationalise the stamp duty structure for obtaining central assistance under JNNURM.

In a major relief to the farmers and rural electricity consumers, the Cabinet endorsed a proposal for the One Time Settlement (OTS) of the arrears. Under the OTS, the fine on the outstanding arrears will be waived while 35 per cent of the arrears will be waived on power connections without identifiable load.

The outstanding arrears of the UP Power Corporation Limited till the end of September 2008 stands at Rs 8,414 crore. The OTS announced by the UPPCL in 2006-07 fetched revenue of Rs 342 crore, Rs 111 crore in 2007-08. The UPPCL hopes to earn Rs 150 crore by the current OTS till the end of March 2009.

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