Tax Hotline
June 05, 2003
The State of Maharashtra introduces new sops, extends benefits to ITES sector in its New IT Policy
Since the last Information Technology ("IT") policy by the Maharashtra Government in 1998, there were demands to include the IT-enabled services ("ITES") in the IT sector, and extend benefits of the IT policy to such sector. The new IT policy, drafted with the assistance of Nasscom, which seeks to extend benefits to the ITES sector, was announced by the Maharashtra Chief Minister on June 3, 2003. The main highlights of this policy are as under:
-
Infotech firms will face lower property taxes. IT firms will now be liable to residential property tax instead of the prevailing commercial property tax;
-
No Octroi duty will be leviable on telecom equipment that is vital to the sector. Further, private developers of IT parks will also not be subject to this Octroi duty.
-
Whereas start-ups located in privately owned IT parks will be liable to pay 50% of the currently applicable stamp duty charges, start-ups located in government owned IT parks will be completely exempt from stamp duty.
-
Other facilities and exemptions, which are currently available to government owned IT parks, will now be extended to private IT parks as well.
Source: The Economic Times, June 5, 2003
Disclaimer
The contents of this hotline should
not be construed as legal opinion. View detailed disclaimer.
This hotline does not constitute a
legal opinion and may contain information generated
using various artificial intelligence (AI) tools or
assistants, including but not limited to our in-house
tool,
NaiDA. We strive to ensure the highest quality and
accuracy of our content and services. Nishith Desai
Associates is committed to the responsible use of AI
tools, maintaining client confidentiality, and adhering
to strict data protection policies to safeguard your
information.
This hotline provides general information
existing at the time of preparation. The Hotline is
intended as a news update and Nishith Desai Associates
neither assumes nor accepts any responsibility for any
loss arising to any person acting or refraining from
acting as a result of any material contained in this
Hotline. It is recommended that professional advice
be taken based on the specific facts and circumstances.
This hotline does not substitute the need to refer to
the original pronouncements.
This is not a spam email. You have
received this email because you have either requested
for it or someone must have suggested your name. Since
India has no anti-spamming law, we refer to the US directive,
which states that a email cannot be considered spam
if it contains the sender's contact information, which
this email does. In case this email doesn't concern
you, please
unsubscribe from mailing list.
|