The Department of Industries and Commerce, Government of Punjab (“Government”), through a notification in the official gazette dated 4th February, 2020, has amended the Detailed Schemes and Operational Guidelines, 2018 for availing Fiscal Incentives under Industrial and Business Development Policy, 2017 (“Operational Guidelines”).
The Government has exempted the units, that are already engaged in production during the introduction of the Operational Guidelines i.e. from prior to 7th August, 2018, from the requirement of submitting a Bank Guarantee to avail the exemption on stamp duty on purchase/leasing of land/building for industrial use, for establishment of manufacturing/service enterprises.
Under the Operational Guidelines, all the industrial units eligible for stamp duty exemption have to apply through the web portal of the Department of Industries and Commerce along with attachments within three months after commencement of commercial production to seek refund. While claiming exemption, previously, all applicants were needed to submit a bank guarantee equivalent to sum of stamp duty applicable, valid up to the date of commercial production/operations.
Now with this notification, the requirement for submission of the bank guarantee for units that are already in production has been done away with.
Source: Department of Industries and Commerce, Government of Punjab
