Stamp Duty Refund Scheme in Punjab
Dear Businessman/Investors
Here is the Great Opportunity in Punjab and it is a benefit provided to various units, such as Startup, MSMEs , Large Unit, Thrust Sectors Projects, to reduce their stamp duty costs during the purchase or lease of property, facilitating easier establishment and operation of businesses.
This Scheme will be in effect for 5 years starting from October 17, 2022.
The Scheme has been Divided into Four units, and they are as follows :
- Start-up Units: Punjab-based start-ups registered with Startup Punjab can get 100% reimbursement on Stamp Duty for registering their Memorandum of Association (MoA) and Articles of Association (AoA).
- MSME Units: MSME units in Punjab are eligible for 100% exemption or reimbursement from Stamp Duty when purchasing or leasing land and building.
- Large Units: Large units in Punjab can avail 100% exemption or reimbursement from Stamp Duty for purchasing or leasing land and building.
- Units in Thrust Sectors: Units in Punjab’s Thrust Sectors can benefit from 100% exemption or reimbursement from Stamp Duty when purchasing or leasing land and building.
How to apply :
- Eligible units must apply on the Web Portal using the prescribed application form (SD) with necessary attachments to seek exemption from paying Stamp Duty when buying or leasing land and building.
- Eligible industrial units need to apply on the department’s web portal using the prescribed application form (SD) with attachments within three months from the approval of ICAF or from the start of commercial production, whichever is later, to request a refund of Stamp Duty paid.
- After the District Level Committee (DLC) or State Level Committee (SLC) approves the reimbursement claim, the convener of the DLC/SLC will issue a sanction letter. The Department of Industries & Commerce will then disburse the sanctioned claim, meaning they will release the approved reimbursement amount to the eligible unit.
For New Units Terms & Conditions :
- A New unit is typically established at a new location with its own VAT/GST registration.
- If an existing enterprise creates a new unit within the same premises but in a separate building/structure with a separate VAT/GST number, it can be considered for incentives.
- If an existing industrial enterprise establishes a new unit for the same or a new product at a different location under the same name, it will be treated as a new unit for incentive purposes, provided the new unit has a separate VAT/SGST registration number.
- If an existing unit expands to a different location with the same GST number, and the locations are separated by a canal/road or are adjacent, and the manufacturing process at both locations is interlinked, it will be considered an expansion case.
For, more information you are requested to contact our KIP subsidy helpline on Mail – sales@kipfinancial.com and Contact Number – +918683898080 , +919350068318
KIP Financial Consultancy Pvt. Ltd.
DSB – 38, Red Square Market, Hisar – 125001 (HR)
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