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Mumbai

Updated on: Friday, January 07, 2022, 08:42 AM IST

Maharashtra govt forms panel on waiver-cut in stamp duty on gold and silver import documents

To study present stamp duty structure in other states and assess impact on state revenue if it’s waived or reduced
PTI photo

PTI photo

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The Maharashtra government has formed a five-member committee headed by the additional chief secretary (finance) to study the impact of waiver or reduction of stamp duty on gold and silver import delivery documents on the state revenue. The state government recovers .1 per cent stamp duty on such documents and mops up annually Rs 500 crore.

The government’s move came days after the representation made by the Indian Bullion and Jewellers Association (IBJA) to the state government. The finance department deputy secretary Mandar Kelkar on Thursday issued the government resolution (GR).

IBJA national secretary Surendra Mehta told The Free Press Journal, “The government needs to waive the stamp duty on these documents as it would benefit the state in terms of GST revenue to the extent of Rs 7,500 crore annually. Currently, these imports are routed through other states where stamp duty is not imposed.”

According to the GR, the committee will study the present stamp duty structure in other states compared to Maharashtra and assess the impact on state revenue if the stamp duty is totally waived or reduced. The committee would provide a roadmap in its report within a month.

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Published on: Friday, January 07, 2022, 08:42 AM IST
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