Maha proposes waiver in stamp duty, LBT, more FSI for IT and ITeS units

Sets target of attracting Rs 50,000-cr investment, creating 1 mn jobs and Rs 1-lakh cr worth annual export in IT and ITeS

Information technology (IT) and allied services companies interested in investing in Maharashtra could soon be given a waiver on stamp and electricity duty, octroi, and entry and local body taxes.

In its new IT and IT-enabled services policy, the government has proposed this waiver. Besides this, the companies would also be entitled to power supply at industrial tariff and subsidy, pay property tax at residential rates and get concessions in contract and value-added taxes.

The government has set a target of attracting investment of Rs 50,000 crore, creation of 1 million jobs and increase annual exports to Rs 1 lakh crore. The policy will be in place for next five years.



Chief Minister Devendra Fadnavis, who released the new policy, said during the period of earlier policies of 2003 and 2009, employment of 7,48,000 was created and exports worth Rs 3,24,700 crore was achieved.

According the new policy, the definition of IT-enabled services has been modified to the definition provided by Central Board of Direct Taxes in Section 10 of the Income Tax Act.

Further, the premium of additional floor space index (FSI) has been rationalized with a premium of 10 per cent of the prevailing ready recknor (RR) rate for all areas other than areas in Pune, Pimpri Chinchwad, Greater Mumbai, Thane, Navi Mumbai, Kalyan Dombivli, Mira Bhayander and Ulhasnagar municipal corporations, Ambernath municipal council and no industry districts and Naxal affected areas.

A premium off 30 per cent of the prevailing RR rate will be applicable in Pune, Pimpri Chinchwad, Greater Mumbai, Thane, Navi Mumbai, Kalyan Dombivli, Mira Bhayander, Ulhasnagar municipal corporation and Ambernath municipal counci.



This apart, premium of additional FSI is rationalised to 30 per cent for all areas in Mumbai Metropolitan Region and Pune and 10 per cent in other areas for all users. For giving a further boot to the IT industry, built up premises at lesser rentals or price will be made available.

The government has proposed additional FSI of up to 200 per cent over the base FSI by charging premium.

Maximum 20 per cent built up area excluding parking are will be permitted for support services in IT parks and additional FSI will be provided for support facilities in public and private IT parks. Moreover, to implement walk to work culture and development of smart cities, the government has proposed Integrated IT Townships across the state.