Big jump likely in stamp duty revenue
DEPARTMENT OF Stamps and Duty is expecting to earn an additional revenue of Rs 2 crore from next financial year following a step taken by Maharashtra Government. The Government there has abolished stamp duty on stock market transactions made outside Maharashtra.
A large number of Indore-based share traders till now evaded stamp duty holding that they pay it in Maharashtra. This way, they neither paid in Indore nor anywhere else.
Stamps and Duty Registrar N S Tomar said there would be no escape after the new ruling, as all of them would be required to pay the stamp duty on their transactions. The Department, he added, has received stamp duty of Rs 50 lakh on share trading this year, including Rs 15 lakh collected this month.
Women have emerged as landowners in big numbers in the current financial year. Taking benefit of two per cent rebate offered on the stamp fee, they paid Rs 45 crore while getting rebate of Rs 10.72 crore on registration of 14,692 documents.
With one more week left for financial year to end, a long queue of people, including women can be seen at the Registrar’s office. The stamp duty is expected to increase manifold with the new guidelines coming into force from April 1.
As for the total revenue, the total earnings of the Department crossed Rs 182 crore. This is against the target of Rs 211 crore set for 2005-06.
The decision of the Maharashtra Government to abolish stamp duty on stock market transactions made outside Maharashtra would force share traders to pay revenue. A large number of Indore-based share traders till now evaded stamp duty holding that they pay it in Maharashtra