Registration and stamps department collects 90% of revenue

While the cash-strapped Maharashtra government struggles to control its ballooning fiscal deficit, there may be some relief in terms of better revenue mobilisation. The department of registration and stamps, which is the second-highest revenue grosser for the state, has already collected over 90 per cent of its revenue targets.

A senior official from the department told DNA that they had achieved a collection of Rs 20,675 crore as on January 31, 2018, which was around 91 per cent of the Rs 23,000 crore target for the 2017-18 financial year. "By February 6, the collection was Rs 21,103 crore which is much higher than the Rs 16,348 crore for the same period last year," he said.

The number of documents registered on January 31 stands at 17.79 lakh as against the previous year's lower figure of 16.86 lakh. By February 6, the figure was 18,19,962, which according to the official, indicated a revival in the property and real-estate markets.

"Last year, the collections and registrations were lower after November due to the Centre's decision to demonetise high-value currency notes," he added.

Stamp duty and registration charges on property transactions are the second-highest revenue source for the state government after state goods and services tax (SGST). The department has hiked its collection target of Rs 21,000 crore to Rs 23,000 crore. The highest percentage of revenues for the department come from conveyance deeds, followed by mortgages, leave and license agreements, power of attorney and gift deeds.

REVENUE 

• Till February 6, 2018 the total collection was Rs 21,103 crore of the Rs 23,000 crore target. 
   
• For the same period last year, the total revenue collection was Rs 16,348 crore.