Tag: Maharashtra Industries Development Corporation

Latest StoriesRegulatory

Court Rules No GST on MIDC Plot Transfers to Third Parties

NAGPUR: The Nagpur bench of the Bombay High Court has ruled that transferring plots allotted by the Maharashtra Industries Development Corporation (MIDC) to third parties does not incur goods and services tax (GST). This decision aligns with a previous ruling from the Gujarat High Court concerning the transfer of land from the Gujarat Industries Development Corporation (GIDC) to a third party. The Gujarat court referenced a June 2017 notification that set a zero rate for a one-time charge on long-term leases (exceeding 30 years) by state government industrial development corporations to businesses. The court noted that if the original allottee…

IndustryLatest Stories

Maharashtra Minister Proposes Direct Land Purchase Policy for Industries

NAGPUR: In an effort to simplify the land acquisition process for industries, Maharashtra’s Minister of State for Finance, Planning, Agriculture, Labour, Relief, and Rehabilitation, Ashish Jaiswal, has proposed a draft initiative allowing direct land purchases, bypassing the Land Acquisition Act that mandates a fourfold payment rate. Jaiswal’s proposal aims to grant full land ownership to industries, as opposed to the current system which allows for only leased land. Currently, the Maharashtra Industries Development Corporation (MIDC) facilitates land acquisitions for industries. Upon paying the fourfold price, industries can only lease the land, explained Jaiswal. According to the draft proposal, companies looking…