The Tamil Nadu State Government has granted an exemption to MSMEs under Atmanirbhar Bharat Scheme from the payment of stamp duty while registering agreements relating to Deposit of Title Deeds executed for securing loans from banks and financial institutions till March 31, 2021.
”The issue was studied in detail by both the Commercial Taxes and Registration and Micro, Small and Medium Enterprises Department following which the former issued orders on the directions of the Chief Minister,” said a release.
The Tamil Nadu government has also ordered the reduction of the registration fee to 0.1 per cent from 1 per cent with respect to registration of agreement relating to Deposit of Title Deeds on loans and additional loans granted by banks and financial institutions to Micro and Small Enterprises.
Prior to this order, the Commercial Taxes and Registration Department had already issued an order for extending the timeline for registration of Memorandum for Deposit of Title Deed from four months to eight months without penalty till March 31, 2021.
”All these measures are stipulated to help the MSME units which are currently facing issues due to the COVID situation,” the release added.