Stamp duty on loan creating hurdles: Businessmen to minister

Members of the Malerkotla District Industrial Chambers today met Industries Minister Tarunpreet Sond and highlighted several issues affecting overall growth of industry.

They pointed out that levying of .25 per cent stamp duty on loan, stricter CLU norms, permission for expansion and renovation of premises, power tariff and frequently changing taxation policy had been creating hurdles.

Sajiv Sood, president, Malerkotla District Industrial Chamber, said a delegation of industrialists led by Dr AR Sharma and Ghanshyam Kansal had met the minister and sought his intervention to address long-pending issues.

Kansal said Sond assured them to review levying of .25 per cent stamp duty on loans being raised from commercial banks.

“When we told the minister that Punjab was the only state to levy stamp duty without any cap, he assured that he would soon discuss the matter with officers concerned,” said Kansal, adding that large industrial groups were shying away from expanding their units in Punjab.

He said a timely action would go a long way in encouraging corporates to establish new units in the state.

Lack of incentives, declining GDP, non-inclusion of industrialists’ representatives in deciding issues were cited among major factors necessitating review of the application of The Indian Stamp (Punjab Amendment) Act.