SEZs to face Tax heat
New Delhi
SEZs might face the new hurdles and tax quandaries from the states and it has queried the stamp duty release given by Centre under the SEZ act. State Governments stamp duty has been pointed to the Centre’s power to give a tax offering and termed the progress to let off stamp duty under Indian Stamp Act as ultra virus.
As per to the source saying @ the www.propertykhazana.com the Finance ministry has already planned to bring out law ministry’s outlooks on the matters lifted by States. The matter had also formed at the conference of the state tax secretaries and fiscal ministry envoys held on May 26th. States has suspected that as the centre had the authority of legislation, the authority to fix prices put with the states. Orissa Govt. had taken up the matter firstly with the Centre. But states like MP had also united in. In a bid to carry regarding union of duties, has connected the funding under JNNURM to lessen in stamp duty by states. If the Centre has the authority to shrink stamp duties, it can do it at once and not in the course of such long-lasting course under JNNURM. Act states, Parliament could make law in value of stamp duty and can set prices of stamp duty. Stamp duty prices set by Parliament in value of bill of exchange, cheques and transfer of shares will overcome across the country. But, other stamp duty prices set by Parliament in Indian Stamp Act 1899 are valid for Union Territories.
Wrangle among the state law and Union law the act gives, “If there is clash among state and union law, the union law exists, according to the Article 254 of Constitution.” The law ministry’s outlooks can be taken on whether these terms also allowed the Centre to revise the stamp duty prices in the state through legislation. The stamp duty prices set by Parliament in respect of bill of exchange, cheques and transfer of shares will exist across the country. But, other stamp duty prices set by Parliament in Indian Stamp Act, 1899 are valid merely for Union Territories, in case of states; the prices set by individual states will exist. If there are clash among State and Union Law, the Union Law exists and the law ministry’s estimation could be sought on whether these terms empowers the Centre to alter the stamp duty prices in a state during legislation.
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