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Stamp duty increases 148% during April to July this year in Gujarat, Real Estate News, ET RealEstate

Stamp duty increases 148% during April to July this year in Gujarat, Real Estate News, ET RealEstate
GANDHINAGAR: Even as Covid-19 cases in the state are hovering at a bare minimum for the past few weeks, economic activity is registering an impressive growth. The state government’s income from various sources has increased by 36% in the period from April to July this year, as compared to the same period last year.

Significantly, compared to the corresponding period last year (2020), the revenue from stamp duty and property registration has spiked 148% in the period from April to July this year, reflecting a huge spurt in real estate transactions since April this year.

In the month of July, 2020 which was just after the lockdown, the income from stamp duty & registration fees was Rs 588 crore. In July this year, the income from stamp duty and registration touched the Rs 968 crore mark. Considering the April to July period, the revenue from stamp duty and registration in 2020 was Rs 1,234 crore. This year, the income from stamp duty and registration between April and July stands at Rs 3,061 crore.

Such impressive has been the stamp duty and registration revenue that the state government has earned 34% of its annual budgetary target of Rs 8,700 crore in the first four months of the financial year.

According to official figures of the state government, the number of property documents registered in the first four months of 2020-21 were 1.94 lakh, which increased to 4.07 lakh in the first four months of 2021-22, reflecting a whopping 110 % jump in total number of registered sale deeds in the state.
Stamp duty increases 148% during April to July this year in GujaratHowever, the state’s major source of income – Goods & Service Tax (GST) income has grown by only 6% in the first four months of the ongoing fiscal year as compared to the same period last year. Revenue from stamp duty and registration grew by 148% in the first four months of the present fiscal year as compared to the same period last year. Motor vehicles tax has registered a growth of 110% in the first four months of the financial year as compared to the corresponding period last year.

VAT (value added tax) on petroleum products showed a 81% jump in revenue in the first four months of the ongoing financial year as compared to the corresponding period last year. Government revenue from sale of liquor (prohibition & excise tax) has registered a 61% hike in the April-July period this year as compared to the same period last year.

Although the overall income of the government from all sources showed a marginal drop in the year 2020-21 (Rs 79,793 crore) as compared to the previous financial year 2019-20 (Rs 86,534 crore), the government is upbeat that it will be able to cross the Rs 1,08,035 crore revenue target this year.


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Written by Realty Beat

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