The opacity around the date to begin the one per cent surcharge collections on stamp duty continues to loom over the public even as the gazette notification issued by the Maharashtra government on December 17 mentions that a fresh notification will be issued specifying the date of commencement.
The surcharge recovery will fund the various ongoing transport infrastructure projects in Greater Mumbai. The one per cent surcharge will raise the stamp duty to six per cent from the present five per cent on sale, gift and usufructuary mortgage, respectively. Mumbai alone collects stamp duty and registration charges worth Rs 10,000 crore annually.
A slew of projects with an investment of Rs 1 lakh crore includes Metro, Monorail, sea-links, coastal road and freeways. The government expects to mop up additional Rs 1,000 crore by imposing the one per cent surcharge on stamp duty.
The state finance department wants the stamps and registration department to commence the recovery of surcharge at the earliest. However, the stamps and registration department, which is a part of the revenue department has passed the buck on the urban development being the parent department.
The state revenue department officer told DNA, "So far no decision has been taken since which date the recovery will begin. The ball is in the court of the urban development department which has to notify the date for the same."
He informed that as per the amended Act, the government will pay the Brihanmumbai Municipal Corporation or the agency, which has undertaken the notified project, a grant in aid equal to the amount realised on account of the surcharge levied.
One Per Cent Surcharge On Stamp Duty
- The surcharge recovery will fund the various ongoing transport infrastructure projects in Greater Mumbai
- The 1% surcharge will raise the stamp duty to 6% from the present 5% on sale, gift and usufructuary mortgage
- Mumbai alone collects stamp duty, registration charges worth Rs 10,000 crore annually
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