Revenue from stamp duty collection in Maharashtra fell by Rs 1000 crore

Mumbai: Maharashtra government’s revenue from stamp duty collection stood less by nearly Rs 1,000 crore by the end of January 2017, compared to the corresponding period last year, a top official said today.

“The IGR (Inspector General of Registration) office s earned Rs 17,244 crore by the end of January 2016 from stamp duty collection. This year, the collection is Rs 16,254 crore till January end. It is a statewide phenomenon,” IGR and Controller of Stamps N Ramswami told PTI.

“Post demonetisation, there has been some slowdown in the market in terms of sale and purchase of property. The effect is going to be there for some time,” he said.

The state government’s average daily earning through property registration charges and stamp duty has come down to Rs 42 crore from the previous figure of Rs 65 crore, he said.

“Meanwhile, I have written to the state government that the pending recovery of duty levied on Transferable Development Rights (TDR) is as high as Rs 1,500 crore. If the government initiates it, the revenue losses can be recovered. There is some amount pending related to excavation of major and minor minerals. I have also written to the government about the same,” Ramswami said.

Though most of the transactions such as calculation of ready reckoner, its stamp duty and payment are done digitally as well as through demand drafts, still the collection has gone down, Ramswami said. The IGR office registers all types of property deals, including sale and purchase of land, properties, rent and lease agreements.

It is the second largest revenue generating department of the state government, after Excise. The IGR office contributed Rs 21,767 crore to the state coffers in 2015-16.