Lifestyle

Maharashtra’s revenue from stamp duty falls by Rs 1,000 crores

[ecis2016.org] The Maharashtra government’s revenue from stamp duty collection, fell by nearly Rs 1,000 crores by the end of January 2017, compared to the corresponding period last year, a top official said

The Inspector General of Registration (IGR) offices in Maharashtra earned Rs 17,244 crores by the end of January 2016 from stamp duty collection. This year, however, the collection was Rs 16,254 crores till January end – a drop of nearly Rs 1,000 crores, revealed the IGR and Controller of Stamps, N Ramswami. “It is a statewide phenomenon. Post demonetisation, there has been some slowdown in the market in terms of sale and purchase of property. The effect is going to be there for some time,” he said.

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The state government’s average daily earning through property registration charges and stamp duty, has come down to Rs 42 crores from the previous figure of Rs 65 crores, he said. “Meanwhile, I have written to the state government that the pending recovery of duty levied on Transferable Development Rights (TDR) is as high as Rs 1,500 crores. If the government initiates it, the revenue losses can be recovered,” Ramswami said.

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Although most of the transactions, such as calculation of ready reckoner, stamp duty and its payment are done digitally, as well as through demand drafts, still, the collection has gone down, Ramswami said. The IGR office registers all types of property deals, including sale and purchase of land, properties and rent and lease agreements. It is the second-largest revenue generating department of the state government, after excise. The IGR office contributed Rs 21,767 crores to the state’s coffers in 2015-16.

Source: https://ecis2016.org/.
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Source: https://ecis2016.org
Category: Lifestyle

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