Lucknow, 15 Sept: The Uttar Pradesh Pharmaceutical and Medical Equipment Industry Policy 2023 has agreed to eliminate stamp duty on the establishment of a new pharmaceutical and medical unit.
This includes a provision for a stamp duty exemption ranging from 50 to 100 percent when acquiring or leasing a plot.
According to an official, the state government has provided significant relief to the pharmaceutical business in order to provide momentum. Principal Secretary Leena Johri issued a government directive in this respect.
Under the Uttar Pradesh Pharmaceutical and Medical Equipment Industry Policy 2023, the developer would be excused from paying stamp duty on the purchase of land for the establishment of a new pharma and medical equipment park.
Individual purchasers will receive a 50% stamp duty reduction on their first purchase of a plot in the Pharma and Medical Equipment Park. Under this regulation, all new units in the state are excluded from paying stamp duty if they acquire land and lease a building for the purpose of establishing units.
Existing units that grow their company by at least 25% through new capital expenditure will be free from stamp duty entirely. The DM, or Deputy Commissioner of Industries, will certify that the industry is being developed in accordance with the new policy.
For registration exemption, the entrepreneur must show a bank guarantee equal to the stamp duty exemption to the registration officer. The bank guarantee will be valid for at least five years. Units that have received stamp duty advantages under any other plan, however, will not be eligible for this benefit.
