PSI-2013 Scheme – Stam Duty Exemption Scheme

As a upfront benefit to industrial units being set up in industrially backward area of Maharashtra, Govt. of Maharashtra – through Ministry of Industry as well as Ministry of Revenue, has offered stamp duty exemption benefit for certain specific transactions under Package Scheme Of Incentives – 2013 (PSI-2013 Scheme).

Notification Reference:

Ministry of industry notification no. : PSI-2013/(CR-54)/IND-8 dated 01.04.2013

Revenue dept. notification no. : Mudrank No. 2013/UOR No. 19/CR-235/M-1 dated 14.05.13

Purpose of Scheme:

To grant concession on stamp duty payable on following transactions by eligible units towards

  • Registration of land conveyance deed or lease agreement.
  • Mortgage deed of term loan availed from any scheduled commercial bank for acquiring / creating eligible fixed assets at the location of manufacturing / processing unit.

Coverage of businesses :

  • Industries listed in the First Schedule of the Industries (Development and Regulation) Act, 1951, as amended from time to time.
  • Manufacturing Enterprises as defined in the Micro, Small and Medium Enterprises Development Act, 2006. (MSMED Act, 2006)
  • Information Technology Manufacturing Units registered with the Directorate of Industries or the Maharashtra Industrial Development Corporation (MIDC) or the Development Commissioner, Santacruz Electronic Export Processing Zone (SEEPZ) or Software Technology Parks of India (STPI) in the State.
  • d. Bio-technology Manufacturing Units as specified by the Government from time to time, which are outside the purview of any registering authority mentioned above.
  • Cold Storages
  • Mechanized Food/Agro Processing Industries in the following sectors :
    • Dairy, Fruit and Vegetable Processing.
    • Grain Processing.
    • Fish Processing.
    • Consumer foods including Packed foods.
    • Non-alcoholic beverages from fruits and vegetables
  • Central Public Sector Units which satisfy the qualifying criteria as defined in Para No. 2.2(iii) of Government Resolution No. PSI-2013/(CR-54)/IND-8 Dt. 01.04.2013.

Period of operative scheme :

As per extant guidelines, benefit under said scheme can be availed for deeds / registration of documents to be executed for the period from 01.04.2013 to 31.03.2018.

Types of agreements / deeds eligible to avail benefits:

Sr.No. Eligible Units & Zones as per PSI-2013 Scheme Concession Limit Agreements / Deeds eligible for concession
1 As per PSI-2013 Scheme, new units as well as units undertaking expansion of manufacturing capacities / diversification of products (including Large units ) as situated in –
a) C, D, D+ Districts
b) No industries districts
c) Naxalisam affected districts
100% Article 06 – Hypothecation, Pawn, Pledge, Deposit of Title Deeds
Article 25 – Conveyance Deed
Article 33 – Further charge on mortgaged property
Article 36 – Lease & sub-lease
Article 40 – Mortgage Deed
2 IT Companies & Bio Tech companies from Public Park of Zone A & B 100%
3 IT Companies & Bio Tech companies from Private Park of Zone A & B 75%
4 Mega units & ultra-mega units from Zone A & B 50% Article 25 – Conveyance Deed

Key Terms & Conditions:

  • Benefit under PSI-2013 Scheme is available to eligible units for registering documents under any one article out of the above articles.
  • Units availing benefit of stamp duty exemption under said scheme &
    • not starting business within 3 years from the date of registration of Deed OR
    • Committing breach of any terms & conditions stipulated under PSI-2013 Scheme
    • shall not be eligible to receive benefits under this scheme. Moreover, these units shall be required to pay back stamp duty exemption received along with interest & penalty.

  • Eligible units who have taken benefits under this scheme are not eligible to take any benefit under any other Stamp Duty Exemption Scheme.

Points to be considered while availing the benefits

  • As per the scheme, benefit can be availed only for stamp duty. However, there is no exemption for payment of registration fees as required to pay while registering any Deed / Document.
  • To avail benefit under present scheme, in case of conveyance, lease & rent agreements, final draft of concerned Deed to be registered or in case of registration of mortgage / hypothecation deed, term loan sanction letter as issued by lending bank need to be submitted for obtaining stamp duty concession certificate.
  • The stamp duty exemption certificate has to be submitted at Registrar’s office at the time of registration of concerned agreement / deed towards which benefit has availed.

Disclaimer:

  • Above study report / information has been provided solely to create general awareness about Subsidy schemes as sponsored by Maharashtra Govt.
  • For more details, please visit https://maitri.mahaonline.gov.in & District Industries Center of respective districts.
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