Thursday, 16 May 2013

Maharashtra to review stamp duty fixation process

Maharashtra to review stamp duty fixation process


Realty players says move to benefit developers and consumers

The government of Maharashtra has proposed to change the method of fixing ready reckoner (RR) rates in the state.

RR is an annual statement of the rates on which the stamps and registration department collects stamp duty from property buyers. RR rates come into effect from January 1 every year in the state. The government had increased these rates by an average of 25 per cent across the state from January 1 this year.

The revenue department's data shows of the total tax collected by the stamps and registration department, 65 per cent comes from registration of immovable property. The government had not revised RR rates in 2008-09 following the slowdown of 2008. During 2008-09, the income from stamp duty was Rs 384 crore. It rose to Rs 901 crore in 2009-10, to Rs 411 crore in 2010-11 and Rs 800 crore in 2011-12. The tax collection is expected to cross Rs 1,500 crore by the end of 2012-13.

Revenue department's data for 2010, 2011 and 2012 shows that of the total tax collected by stamps and registration department as high as 65% alone comes from registration of immovable properties. The government had not revised RR rates in 2008-09 following the slow down in 2008.

During 2008-09, the income from stamp duty was Rs 8,384 crore which was increased to Rs 10,901 crore in 2009-10 (30% rise), Rs 13,411 crore in 2010-11 (23% increase) and Rs 14,800 crore in 2011-12 (10%). The tax collection is expected to cross Rs 15,000 crore by end of 2012-13.

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