In order to bolster micro, small and medium enterprises (MSMEs) and, at the same time, push women entrepreneurs, the Uttar Pradesh government has declared a 100% rebate on stamp duty.
Women who are into the manufacturing sector will be offered the said incentive. Under the UP MSME Promotion Policy 2022, the state has been divided into five regions where incentives and subsidies, under numerous slabs, will be provided to all entrepreneurs.
Criteria and division of the state into 5 regions
The five regions, namely Purvanchal (revenue divisions of Prayagraj, Gorakhpur, Varanasi, Azamgarh, Mirzapur, Basti, Devipatan, and Faizabad), Bundelkhand (revenue divisions of Jhansi and Chitrakoot Dham), Pashimanchal (revenue divisions of Agra, Aligarh, Moradabad, Meerut, Saharanpur and Bareilly), Madhyanchal (revenue divisions of Lucknow and Kanpur), with the fifth region being Ghaziabad and Gautam Buddha Nagar districts in NCR.
While 100% stamp duty exemption will be offered in Bundelkhand and Purvanchal, 75% of the rebate will be provided in Madhyanchal and Pashimanchal. Furthermore, 50% rebate will be provided in Ghaziabad and Gautam Buddha Nagar.
However, all women entrepreneurs will be given 100% refund. “If a woman entrepreneur opens a unit, she is going to get a 100 per cent rebate anywhere in the state,” a government officer stated.
“The investing units will have to provide a bank guarantee equivalent to the amount of exemption due to the entrepreneur, which is going to be released after the unit starts production,” the officer said further.
Moreover, 100% rebate will also be offered to those setting up an industrial park, estate, or flatted factory complex on a land of 10 acre or more.
(With inputs from IANS)
