The State government on Thursday ordered exemption from the payment of stamp duty for registration of agreements executed by micro, small and medium enterprises (MSME) for loans taken under the Aatma Nirbhar Bharat Scheme.
The agreements pertain to deposit of title deeds in the context of obtaining the loans from banks and financial institutions for the period up to March 31, 2021.
Normally, the registration of such agreements would have carried the levy of stamp duty of 0.5% of the loan amount with a maximum of ₹ 30,000.
The scheme, drawn up to provide relief to COVID-19-affected MSMEs, envisages the provision of loans to the tune of 20% of outstanding loan amounts of such enterprises. This is why the full exemption has been given for the payment of stamp duty.
The government has also decided to reduce the registration fee to 0.1% in respect of the agreements on deposit of title deeds for loans taken by micro and small enterprises. Till now, the rate of the fee is 1% with a maximum of ₹ 6,000. The latest move of the government has no bearing to any specific scheme and the idea behind it is to promote the sector, the official clarifies.
