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Tuesday, March 02, 2021

Registration fee of partnership firms in Punjab skyrockets as government revises 90-yr-old structure

A government statement said that the prescribed fee structure for various services as currently contained in Schedule-1 of the Act is too meagre and has become irrelevant with the passage of time.

By: Express News Service | Chandigarh |
February 19, 2021 10:10:55 pm
The Cabinet, which met under the chairmanship of Chief Minister Amarinder Singh, approved ‘The Indian Partnership (Punjab Amendment) Bill, 2021’. (File)

Registration of partnership firms is set to be costlier in Punjab with the Cabinet giving a go ahead to revise the nearly 90-year-old fee structure under the Indian Partnership Act, 1932, to bring it at par with other states.

The Cabinet, which met under the chairmanship of Chief Minister Amarinder Singh, approved ‘The Indian Partnership (Punjab Amendment) Bill, 2021’ for the revision of fee for various services as contained in Schedule-1 under Section 71 of the Act, such as Registration of firms, Updation of records, Inspection and Copying.

A government statement said that the prescribed fee structure for various services as currently contained in Schedule-1 of the Act is too meagre and has become irrelevant with the passage of time. The existing fee structure, it said, has not been revised since the Act came into force in 1932.

Under the revised structure, Rs 5000 would now be charged for making a statement under section 58 for application of registration as against Rs 3 charged earlier. Instead of the existing Re 1, the revised structure provides for charging Rs 500 each for making a statement under section 60 for recording of alternations in firm name and principal place of business, for intimation under section 61 for noting of closing and opening of branches, for intimation under section 62 for changes in names and addresses of partners, notice under section 63 (1) & 63 (2) for recording of changes in and dissolution of a firm, recording of withdrawal of a minor besides application under section 64 for rectification of mistakes respectively, said the spokesperson.

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Further, Rs 100 each in place of earlier fee of 50 paise would be now charged for inspection of one volume of the register of firms under sub-section (1) of section 66. For inspection of all documents related to one firm under sub-section (2) of section 66 regarding inspection of register and filed documents and Rs 20 against previous fee of 25 paise for each hundred words or part thereof regarding copies from the register of firms under section 67 for the purpose of grant of copies.

Notably, barring Punjab and Haryana, other major states like Maharashtra, Rajasthan, Madhya Pradesh and Uttar Pradesh have been charging higher fee for various services offered under the Indian Partnership Act, 1932.

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