IT-ITeS policy needs to get renewed
A small but critical notification awaited from the state government for continuation of the Maharashtra IT-ITeS policy is holding back major office space and other key transactions in Mumbai, Pune and some other cities. The tenure of the policy, which offers several benefits to IT-ITeS companies, including 75 percent waiver on stamp duty charges on office space transactions, expired in August. It is expected to be vetted by the state government with any amendments and modifications after every five years.
Without the policy being in place, all IT companies are facing problems in executing transactions as these companies will be treated differently for tax and revenue purposes said AD Nerurkar, a consultant serving companies such as Tata Consultancy Services and Tata Consulting Engineers.
The policies have to get renewed as quickly as possible as this will be ensuring the smooth running of the work of all these companies that are working. This action needs to be taken immediately as the companies cannot do any kind of transactions as it would charge them a different tax altogether.
Source: The Economic Times
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