Stamp duty cut means more revenue
The UP Govt has posted more revenue officers in Noida to mop up the additional moolah the administration expects to earn from the reduced stamp duty rates, reports HT Correspondent.india Updated: Jun 27, 2008 23:28 IST
The Uttar Pradesh government has posted more revenue officers in Noida and Greater Noida to mop up the additional moolah the administration expects to earn from the reduced stamp duty rates.
The state government recently decided to reduce stamp duty on registration of properties, benefiting lakhs of people living in Noida, Greater Noida and Ghaziabad. The authorities expect more people to register their properties, which means more revenue. And, hence, additional officers. The stamp charges are down from 8 per cent to 5 per cent. For women, it's down from 6 per cent to 4 per cent.
The authorities are, however, still awaiting formal orders on the duty reduction from the government. “The UP Cabinet approved the reduction of stamp duty from 8 per cent to 5 per cent. For women, it is 4 per cent. But it is not clear whether the 4 per cent for women is applicable for the entire registration amount or just Rs 10 lakh. We are waiting for the orders. The new rates will be effective from the date the orders are issued,” said Additional District Magistrate Shiva Kant Dwivedi.
"The reduction will help allottees. People can save Rs 1.5 lakh on property worth Rs 50 lakh, Rs 2.70 lakh on Rs 90 lakh and Rs 0.90 lakh on property worth Rs 30 lakh," said Dwivedi. He said more officers would be required now because there was only one post of Assistant Inspector General (AIG) (stamps) in the district.
"The state government has created three posts of AIG. Only one, SN Rai, has taken charge, while the other two are expected to join in a few days. The current AIG, SK Pandey, has been removed."
Stating that the government had also created a post of Deputy Inspector General (stamps/registration), he said this year they expected to earn revenue worth Rs 1,000 crore.