Property Stamp duty and Registration collections by the Tamil Nadu Registrations Department jumped 23% up to November end in the current financial year (2011-12) compared with the same period last year.
The tax levied on sale of immovable property has given the State Government revenue of Rs 3,965 crore in the 8 month period compared with Rs 3,219 crore in the corresponding period last year.
Target Rs. 6,492 crore..!
According to TN Govt press release, '' The stamp duty income has increased by Rs 746 crore. The Tamilnadu government has set a target of Rs 6,492 crore for the current year Official statistics indicate that the target envisages 30% revenue growth as compared with that 2010-11 income of Rs 5,021 with about 32.80 lakh documents registered. The revenue last year was 20% higher than that of the previous year when it was Rs. 3,818 crore with nearly 27.31 lakh documents registered.
‘Samadhan' scheme..!
Mr S.S. Krishnamoorthy, Minister, Commercial Taxes and Registrations, conducted a review meeting recenly where issues relating to expediting registration processes and upgrading infrastructure were discussed.
The ‘Samadhan' scheme, a conciliation measure to settle disputes in fixing property value for levying tax, launched on November 1, 2011, has helped resolve disputes relating to about 4,440 documents netting the Government a revenue of nearly Rs. 27 crore as of December 9, 2011.
TN Government estimates that about 34,900 documents which could yield it revenue of Rs 542 crore are locked up in disputes under Section 47A of the Indian Stamp Act.
New Guideline Value..!
The Registration Department has launched the process of revising guideline values. The last revision was in 2007 and the current revision will realign the rates in line with the prevailing market prices. This exercise will help increase the revenue from this levy.
Tamil Nadu Registrations Department sources said, ''The new guideline value may be implement after Pongal that is January 15, 2012"
In Tamilnadu, the stamp duty of 6%, surcharge of 2% and registration fee of 1% are set for real estate transactions like plot of land, house/flats.
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| Mr S.S. Krishnamoorthy, |
The tax levied on sale of immovable property has given the State Government revenue of Rs 3,965 crore in the 8 month period compared with Rs 3,219 crore in the corresponding period last year.
Target Rs. 6,492 crore..!
According to TN Govt press release, '' The stamp duty income has increased by Rs 746 crore. The Tamilnadu government has set a target of Rs 6,492 crore for the current year Official statistics indicate that the target envisages 30% revenue growth as compared with that 2010-11 income of Rs 5,021 with about 32.80 lakh documents registered. The revenue last year was 20% higher than that of the previous year when it was Rs. 3,818 crore with nearly 27.31 lakh documents registered.
‘Samadhan' scheme..!
Mr S.S. Krishnamoorthy, Minister, Commercial Taxes and Registrations, conducted a review meeting recenly where issues relating to expediting registration processes and upgrading infrastructure were discussed.
The ‘Samadhan' scheme, a conciliation measure to settle disputes in fixing property value for levying tax, launched on November 1, 2011, has helped resolve disputes relating to about 4,440 documents netting the Government a revenue of nearly Rs. 27 crore as of December 9, 2011.
TN Government estimates that about 34,900 documents which could yield it revenue of Rs 542 crore are locked up in disputes under Section 47A of the Indian Stamp Act.
New Guideline Value..!
The Registration Department has launched the process of revising guideline values. The last revision was in 2007 and the current revision will realign the rates in line with the prevailing market prices. This exercise will help increase the revenue from this levy.
Tamil Nadu Registrations Department sources said, ''The new guideline value may be implement after Pongal that is January 15, 2012"
In Tamilnadu, the stamp duty of 6%, surcharge of 2% and registration fee of 1% are set for real estate transactions like plot of land, house/flats.
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