Amended Stamp Act gets Gov’s nod

Goa Governor B R Wanchoo has given its assent to the Indian Stamp (Goa Amendment) Act, 2012 (Goa Act 24 of 2012), which was passed in the State Legislative Assembly Session, held in August.

With this, State government can now levy on every grant or renewal of a mining lease, the stamp duty equivalent to 15 percent of the amount of royalty that would accrue out of the annual extraction of minerals permitted under the environmental clearance issued for a mining lease, multiplied by the period of the lease.

The implementation of the act, which is expected to bring in revenue of Rs 2,500 crore, also states that, if the application for grant or renewal of mining lease is rejected by the government then the applicant shall be entitled for full refund of stamp duty paid by him without interest.

Financially hit  government can look at implementation of this act with a hope of bringing in revenue.

Chief Secretary B Vijayan had earlier told HERALD that the Act would be notified soon and thereafter signing the lease agreements with the mining firms would begin. [H]