Goa Government Exempts Rs 1.9 Crore Stamp Duty on Major SEZ Land Transaction
In a significant move to streamline industrial operations, the Goa state government has granted a full waiver of stamp duty amounting to Rs 1.9 crore on a high-value land deal. This transaction involves Meditab Specialities Ltd returning a special economic zone (SEZ) plot to the Goa Industrial Development Corporation (GIDC) for a consideration of Rs 33 crore.
Details of the Land Deal and Exemption
The exemption applies to a vast parcel of SEZ land spanning 12.3 lakh square meters, equivalent to 123.2 hectares, located in Keri within the Ponda taluka. The official order for this waiver was issued by Agnelo D’Souza, the under-secretary for revenue, underscoring the government's commitment to facilitating this transaction.
Under standard regulations, such a Rs 33 crore deal would typically incur a stamp duty of Rs 1.9 crore, which has been completely waived by the state authorities. Sources indicate that the deed of surrender is expected to be executed imminently, marking a crucial step in resolving long-standing SEZ-related disputes.
Rationale Behind the Stamp Duty Waiver
Stamp duty exemptions on large-scale industrial land transactions are commonly implemented to promote ease of doing business and reduce financial burdens on government agencies. In this instance, the waiver directly benefits GIDC by curtailing its expenditure, thereby supporting efficient resource management and fostering a conducive environment for industrial development.
Background on SEZ Policy and Legal Disputes
Meditab Specialities Ltd was among seven companies approved by the state to establish export-oriented manufacturing units under the SEZ framework. However, following the eventual scrapping of the SEZ policy, these companies initiated legal challenges against the government's decision.
With Supreme Court approval, GIDC reached settlements with five SEZ promoters—Peninsula Pharma Research Centre, K Raheja Corp, Paradigm Logistics and Distribution, Inox Mercantile, and Planetview Mercantile—who agreed to return their land and claim refunds. In contrast, Meditab Specialities and Maxgrow Finlease initially resisted returning the land through mutual settlements, making this recent transaction a pivotal resolution in the ongoing SEZ saga.
This waiver not only aids in settling protracted legal issues but also aligns with broader governmental efforts to enhance industrial efficiency and attract investment in Goa's economic landscape.
