Mumbai: The state has so far collected ₹26,487 crore from stamp duty and registration of the property documents, which is about 82.77% of the ₹32,000-crore target for the current fiscal.
The revenue department officials are expecting the collection to be over ₹36,000 crore for financial year 2022-23.
The collection of the revenue from the head in November was ₹3,542 crore, while it was ₹3,484 crore in October, taking the total collection till December 12 to ₹26,487 crore.
“After a brief dip in April, the market has been upbeat throughout the year. Usually, the registration of the properties goes up from January. We expect the trend to continue helping us in collecting over 110% of the target. Unless the real estate market is hit by recession, we will be in position to cross ₹36,000-crore mark,” a revenue department official said.
The state’s tax revenue comes majorly from GST, sales tax, stamp duty and registration and excise duty. While the revenue collection from other heads like GST and excise are ranging between 58% and 70% of their annual target, the stamp duty collection is over 80%. The state government’s estimated tax revenue for FY 2022-23 is ₹3.08 lakh crore. Of which, ₹2.13 lakh crore has been collected till October end.
“The annual collection in FY 2021-22, too, had touched ₹35,000 crore against the estimated receipts of ₹29,000, but it was owing to the 1% concession in the duty till March 2022.The waiver saw an additional collection of ₹5,000 crore, which was estimated to be from the advance registration to fetch the benefit of the waiver that ended on March 31. We were expecting a dip in the initial stage of the current fiscal, but the buoyancy continued throughout the year,” Shravan Hardikar, inspector general of registration, said.
{{/usCountry}}“The annual collection in FY 2021-22, too, had touched ₹35,000 crore against the estimated receipts of ₹29,000, but it was owing to the 1% concession in the duty till March 2022.The waiver saw an additional collection of ₹5,000 crore, which was estimated to be from the advance registration to fetch the benefit of the waiver that ended on March 31. We were expecting a dip in the initial stage of the current fiscal, but the buoyancy continued throughout the year,” Shravan Hardikar, inspector general of registration, said.
{{/usCountry}}He said that most of the stamp duty revenue comes from the registration in districts like Mumbai, Thane, Pune, Palghar and Raigad.
Stay updated with all the Breaking News and Latest News from Mumbai. Click here for comprehensive coverage of top Cities including Bengaluru, Delhi, Hyderabad, and more across India along with Stay informed on the latest happenings in World News.
Stay updated with all the Breaking News and Latest News from Mumbai. Click here for comprehensive coverage of top Cities including Bengaluru, Delhi, Hyderabad, and more across India along with Stay informed on the latest happenings in World News.