Tamilnadu (TN) Property
Registration Revenues up 8% at Rs 8,055 cr in 2013-14
However, total
documents registered saw a 1.38% decline at 26.5 lakh (2.65 million) as against
26.9 lakh (2.69 million) during 2012-13
The TN registration
department earned Rs. 8,055.74 crore revenues during 2013-14.
According to the
commercial taxes & registration department. "During 2013-14, the department registered 2.65
million documents collecting a revenue of Rs. 8,055.74 crore. This has given
the department the status of being the 3rd largest revenue earning department
in the state, next to commercial taxes & prohibition, and excise
departments,"
This is a 8% increase
from the previous year's Rs. 7,455.41 crore. However, total documents
registered saw a 1.38% decline at 2.65 million as against 2.69 during 2012-13.
In 2012-13, revenues
saw a growth of 12.62% compared with Rs. 6,619.98 crore collected during the
previous year, while the number of documents registered saw a drop of 23.54% as
against the 3.51 million 2011-12, according to the note.
The TN state is also
expecting to put in place a stamp Act of its own to reduce the time consumed
for amendments in the existing stamp duty process.
During 2013 - 2014, 20794 documents were referred to
the regional officers of which, market value had been determined for 20489
documents, collecting a revenue of Rs. 104.86 crore.
Stamp Duty is being
levied in TN as per the provisions of the Indian Stamps Act, 1899, and as the
Act is a Union government enactment, any amendment to suit the needs of the
state requires approval from the President of India after a Bill for the same
is passed in the legislative Assembly.
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