Stamp duty is not instrument of conveyance; mining lease holder has to pay 100% : Cornad

Shillong, Feb 17:  There was a court order the come out basically required the mining leases holder to pay 100% the stamp duty against the 50% the miner had paid earlier, the reason is that there was an interpretation earlier that miners falls under the instrument of conveyance if it fall under the instrument of conveyance schedule tribe and schedule caste need to pay only 50%.

In the Court order that mining lease stamp duty is not instrument of conveyance, hence mining leases holders has to pay 100%  on stamp duty, this has to regularise and all the mining leases holders has to pay the reaming 50% , half has to pay immediately and half of the rest has to pay before 31st March 2021.

The Chief Minister said that from this 50% that miner has to pay for having their mining lease the government will get from this additional amount will be around T.27 cores.

The Cabinet also today has decided to amendment the Meghalaya Fiscal   Responsibility Budget Management (MFRB) Act 2006 and the ordinance was passed on this regard.

As all are aware that due to the COVID-19 situation the Government of India has allowed the state to borrow from 3% has increased to 5% on the borrowing capacity accordingly the MFRBM Act has to be amended where the state now can borrow up to 5%.The Cabinet also regularises the taxes that was announced yesterday on Petrol and Diesel.

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