Maharashtra’s revenue from stamp duty rose by Rs5,481 crore
The Mumbai collection for 2016-17 was Rs5,403 crore, marginally above the target set for the year.mumbai Updated: Apr 27, 2018 01:30 IST
Despite a slump in the real estate market, revenue collection from stamp duty and registration in the fiscal year 2017-18 was Rs26,481 crore, a whopping 126% of the target of Rs21,000 crore.
The collection helped the state government keep fiscal deficit in check. The collection of the stamp duty and registration in Mumbai also helped in crossing the revenue target of Rs5,871 crore as the actual collection registered was Rs7,156 crore – 122 % of the target.
The Mumbai collection for 2016-17 was Rs5,403 crore, marginally above the target set for the year.
Although the city registered a significant rise in the collection, the number of documents registered in 2017-18 is not too high. Around 21.93 lakh documents were registered across the state in 2017-18 as against 21.22 lakh documents in 2016-17. In Mumbai, the documents registered were 2.22 lakh in 2017-18 as against 2.20 lakh a year before.
“After demonetisation, the percentage of the unaccounted money in the real estate reduced, improving the collection. Similarly, the collection had gone up significantly in the last month with fear of rise in the ready reckoner rates in 2018-19,” said an official from the department.
AM Kawade, inspector general of registration (IGR) said rationalisation of the rates, streamlining of machinery and tapping new sources helped improving the collection. “We tapped sources like collection from the stamp duty on insurance documents and shares. Also, we tapped growth centres in the real estate market. Simplification of the procedures and thrust on online registration also helped us in making the system customer-friendly,” he said.
Kawade said the department will surpass the target of Rs24,000 crore in 2018-19 too. No rise in the ready reckoner rates this year is also expected to help the government in collecting significant revenue in 2018-19.
“The rise in the ready reckoner rates badly affect transactions in real estate as the premiums and cess levied on transactions are based on these rates,” another official from the department said.