The Punjab cabinet on Wednesday approved an ordinance to double the stamp duty rates of 17 items. There has been no increase on the stamp duty on sale of property.
Among items on which the stamp duty has been hiked are adoption deed, affidavit (including an affirmation or declaration in the case of persons by law allowed to affirm or declare), agreement or memorandum of an agreement, relating to sale of a bill of exchange, relating to the sale of a government security or share in an incorporated company or other body corporate, relating to the sale of immovable property, article of association of a company, when the authorised capital of the company does not exceed one lakh. Punjab currently raises ₹50 crore from stamp duty, which would go up by ₹100-150 crore with the increase in rates.
The cabinet found it essential to hike the stamp duty on 17 items in order to boost the revenue receipts of the state.