JTFL welcomes approval of conversion of agricultural land for industrial use, calls for stamp duty exemption

JTFL welcomes approval of conversion of agricultural land for industrial use, calls for stamp duty exemption

Jammu, Dec. 21 (KNN) Federation of Jammu Industries, Lalit Mahajan Co-Chairman FOIJ and Chairman, Bari Brahmana Industries Association expressed its warmest thanks to government officials for the approval of regulations developed by the Revenue Board for the conversion of agricultural land in Jammu-et -Kashmir for non-agricultural purposes. These regulations were made necessary after legislative changes to the Land Revenue Act following the reorganization of the old state.

Lalit Mahajan, JTFJ Co-Chair, welcomed the decision of the administration of Jammu and Kashmir to convert agricultural land to non-agricultural land for the creation of new industrial zones for potential entrepreneurs, which will help the massive investment in the industrial sector of the Union Territory of Jammu and Kashmir, which will also greatly contribute to generate direct and indirect employment opportunities for local populations and contribute to the local economy.

It is important to mention that with the issuance of the necessary notification by the revenue department, potential investors will purchase the private land for the establishment of their units within a specified time frame, said the FOIJ co-chair.

Perusing the news published in the local newspapers, it was noticed that the power has been delegated to the district collector to grant permission for land up to 12.5 standard acres against a royalty of 5 percent of the market value of the land. notified under the Stamp Act. In this regard, we have requested that the standard 12.5 acre cap be exempted for large industrial houses that are in the process of setting up their units with the land requirement greater than 12.5 acres, did -he adds.

We also draw the kind attention of Lieutenant Governor Manoj Sinha that in accordance with previous notification No. SO 241 dt. 07-16-2021 by the Ministry of Finance under which the stamp duty was exempted by the industrial sector for the establishment of industries in the government industrial zone issued by the government. for the stamp duty exemption while a royalty of 5 percent of the market value of the land notified under the applicable stamp law for the transfer of agricultural land for non-agricultural purposes.

We ask Governor Sh. Manoj Sinha and Sh. Ranjan Prakash Thakur, Principal Secretary of Industry and Commerce, Union Territory of J&K for the applicability of SO 241 dt. 16-07-2021 also for the stamp duty exemption for the transfer of agricultural land for industrial purposes, said Lalit Mahajan, co-chair of JTFY.

Amalia H. Mercado