MAHARASHTRA GOVT. OFFERS STAMP DUTY WAIVER FOR INDIA JEWELLERY PARK: GJEPC
4th October 2024
The Maharashtra state government has announced a complete waiver of stamp duty on the first lease of land and subsequent sub-leases within the India Jewellery Park, a project of GJEPC, at Mahape, Navi Mumbai. The decision, outlined in the Maharashtra Government Gazette dated 25th September 2024, aims to encourage investment in the jewellery sector and promote the development of the India Jewellery Park.
Stamp Duty Waiver Announced
The government has completely waived the stamp duty on the first lease of land executed between the Maharashtra Industrial Development Corporation (MIDC) and M/s. 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.
Chairman’s Statement on Waiver
Vipul Shah, Chairman, GJEPC, said, “We are immensely grateful to the Government of Maharashtra for their support in waiving stamp duty for the India Jewellery Park in Navi Mumbai. This significant initiative marks a major milestone in the development of the gem and jewellery industry. By easing the financial burden on businesses, the stamp duty waiver will not only encourage investments but also accelerate the growth of this sector.”
Impact of 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.”
Government’s Focus on Industrial Growth
The government has stated that this decision is in line with its efforts to promote industrial growth and create employment opportunities in the state. By offering incentives to the jewellery sector, the government aims to strengthen Maharashtra’s position as a leading manufacturing hub.
Economic Impact of the Waiver
The stamp duty waiver is expected to have a significant positive impact on the jewellery industry in Maharashtra. It is likely to attract new investments, create jobs, and boost the overall economic activity in the region. The India Jewellery Park is poised to become a major centre for jewellery manufacturing and design in the country.
About The Gem and Jewellery Export Promotion Council (GJEPC):
The Gem & Jewellery Export Promotion Council (GJEPC), set up by the Ministry of Commerce, Government of India (GoI) in 1966, is one of several Export Promotion Councils (EPCs) launched by the Indian Government to boost the country’s export thrust, when India’s post-Independence economy began making forays in the international markets. Since 1998, the GJEPC has been granted autonomous status. The GJEPC is the apex body of the gems & jewellery industry and today represents over 10,000 members in the sector.
GJEPC’s National and Regional Reach
With headquarters in Mumbai, GJEPC has Regional Offices in New Delhi, Kolkata, Chennai, Surat and Jaipur, all of which are major centres for the industry. It thus has a wide reach and is able to have a closer interaction with members to serve them in a direct and more meaningful manner. Over the past decades, GJEPC has emerged as one of the most active EPCs and has continuously strived to both expand its reach and depth in its promotional activities as well as widen and increase services to its members.
