News

TN govt announces stamp duty exemption and reduction in registration charges for MSMEs

Our Bureau Chennai | Updated on November 27, 2020 Published on November 27, 2020

Tamil Nadu Chief Minister Edappadi K Palaniswamy

Tamil Nadu government announced stamp duty exemption and reduced registration charges for MSMEs for agreements relating to deposit of title deeds for securing loans under the Aatma Nirbhar Bharat Scheme.

The facility is available up to March 31, 2021 to support the units under the prevailing difficult market conditions.

The gGovernment has also issued orders to reduce The registration fee has been cut to 0.1 per cent from 1 per cent

During Chief Minister Edappadi K Palaniswamy’s visit to the districts, several MSME associations had represented for a waiver or reduction of stamp duty and registration charges due to the severe economic crisis and liquidity crunch faced by the MSMEs due to Covid-19 containment measures, said the statement.

The issue was studied in detail by both commercial taxes and registration and MSME departments. Consequently, commercial taxes and registration department has issued orders granting exemption, it said.

Under the Emergency Credit Line Guarantee Scheme (ECLGS) of the Government of India, 3.09 lakh accounts have been disbursed loans for an amount of ₹11,538.69 crore in Tamil Nadu.

The eligible accounts of MSMEs will be benefitted till the schemes cease to exist under Aatma Nirbhar Package. Meanwhile, the Centre also extended the ECLGS up to March 31, 2021.

Prior to this order, the Commercial Taxes and Registration Department had already issued an order for extending the timeline for registration from 4 to 8 months without penalty till March 31, 2021.

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on November 27, 2020
This article is closed for comments.
Please Email the Editor