India Jewellery Park: Maha Govt Waives Stamp Duty

Mumbai, Oct 4 (PTI) Gems and jewellery exporters on Friday welcomed the Maharashtra government's decision to completely waive stamp duty on the first lease of land and subsequent sub-leases within the India Jewellery Park in Navi Mumbai.

"By easing the financial burden on businesses, the stamp duty waiver will not only encourage investments but also accelerate the growth of this sector," Gem and Jewellery Export Promotion Council chairman Vipul Shah said in a statement.

The decision, outlined in the Maharashtra Government Gazette dated September 25, aims to encourage investment in the jewellery sector and promote the development of the India Jewellery Park.

The government has completely waived the stamp duty on the first lease of land executed between the Maharashtra Industrial Development Corporation (MIDC) and India Jewellery Park, as well as on subsequent sub-leases within the park.

The benefit of this waiver is applicable to all eligible units within the India Jewellery Park.

"The India Jewellery Park is set to transform the jewellery manufacturing landscape. It will create a state-of-the-art hub for innovation, production, and trade, significantly boosting exports, creating jobs, and attracting global attention to India's craftsmanship.

"With this support from the government, the park will play a pivotal role in achieving our goal of making India a world leader in the gem and jewellery industry," said Shah.

The stamp duty waiver is expected to have a significant positive impact on the jewellery industry in Maharashtra, and is likely to attract new investments, create jobs, and boost the overall economic activity in the region.