This story is from September 4, The amendment is expected to be brought about in the monsoon session of the state assembly. Sources in revenue department said, "We have begun the process of exploring the new areas where there is a scope of levying taxes. A team of experts is exploring the articles of stamp duty acts in other states.
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The government is planning to go in for another amendment to expand its ambit and include more areas from where revenue can be collected in the form of stamp duty and registration fees. The amendment will be soon brought in the monsoon session of the state assembly. A team of experts is exploring the articles of stamp duty acts in other states.
For example, Maharashtra has started taking stamp duty on the built, operate and transfer BOT agreements that are now entered into by various government departments with the private developers under public, private partnership which run into thousands of crores. The Gujarat Stamp Amendment Bill, , which was passed by the assembly in March and later cleared by the governor, allows the government to levy stamp duty on agreement or memorandum of agreement relating to deposit of title deeds, pawn, pledge or hypothecation.
It says that where the amount of loan or debt does not exceed Rs 10crore, the government will charge 25paise for every Rs , subject to maximum of Rs 1lakh.
For the amount more than Rs 10crore, it will charge 50paise for every Rs , subject to maximum of Rs 3lakh. The amendment also resulted in an increase in the stamp duty on transfer of shares, bonds, other instruments as well as registration or amalgamation of companies, etc.
Sources said that the fresh amendment is being brought about to identify more sources of revenue as the realty sector in the state has taken a hit.
The government missed its annual target to collect Rs 5, crore as stamp duty and property registration fees by Rs crore for the year By March 31 this year, the revenue department could collect only Rs 4,crore as stamp duty against its target of Rs 5,crore. Save my name, email, and website in this browser for the next time I comment.
Skip to content. By Accommodation Times News Service The government is planning to go in for another amendment to expand its ambit and include more areas from where revenue can be collected in the form of stamp duty and registration fees. Previous article. June 19, July 6, Leave a Reply Cancel reply.
Gujarat to amend Gujarat Stamp Act, expand tax ambit
Bombay Stamp Act, 1. Short title, extent and commencement. Instruments chargeable with duty. Certain instruments relating to vacant land chargeable with additional duty. Several instruments used in signal transaction of sale, mortgage or settlement. Instruments relating to several distinct matters.
Gujarat Stamp Act 1958, to get amended