Amendment status not verified — confirm the current text below against the official source.
1 [[1] For the purposes of providing, maintaining or continuing any amenities in the industrial development area, the Authority may, with the previous approval of the State Government, levy such taxes as it may consider necessary in respect of any site or building on the transferee or occupier thereof, provided that the total incidence of such tax shall not exceed one per cent of the market value of such site, including the site of the building. Explanation : For the purposes of this sub-section, the expression market value means, the amount of : [a] consideration, in the case of sale ; or [b] premium, in the case of lease ; or [c] the minimum value determined in accordance with the rules made under the Indian Stamp Act, 1899, whichever is more. ] [2] If the State Government considers it necessary or expedient in the public interest, it may, by a general or special order, exempt wholly or partlyany such transferee or occupier or any class thereof from the taxes levied under sub-section [1].