No announcement yet.

Maharashtra Govt. To Revise Stamp Duty


Maharashtra Govt. To Revise Stamp Duty

Last updated: March 26 2012
2 | Posts
2071 | Views
  • Time
  • Show
Clear All
new posts

  • Maharashtra Govt. To Revise Stamp Duty

    This was the only thing left. All malls will close down. This is in addition to the rental of 42% charged by BMC on property tax and 89% charged by KDMC on leased commercial and rental properties including residential.

    Maharashtra govt to revise stamp duty
    BS Reporter / Mar 12, 2012, 01:24 IST

    The Maharashtra government has proposed revision of stamp duty on leave-and-licence agreements in the state, for residential and commercial premises. The maximum stamp duty now for commercial premises is Rs 50,000 for 60 months and Rs 25,000 for 60 months for residential ones. The government proposes 0.1 per cent stamp duty on the market value of the residential property or one per cent of the premium plus average annual rent paid, whichever is higher, for up to 36 months. For commercial, the duty for 60 months would be 0.4 per cent.
    The Budget session of the state legislature would begin on Thursday and finance minister Ajit Pawar, who had presented a revenue-surplus budget of Rs 58 crore for 2011-12, would make Budget proposals for 2012-13 on March 26.
    And, 0.2 per cent of the market value of residential property or two per cent of the premium, plus average annual rent paid, whichever is higher, for 36 to 60 months. The government hopes to mobilise at least Rs 1,000 crore annually due to the proposed revision.
    Industry sources believe it would severely impact deals, especially for commercial premises in Greater Mumbai.
    Of total tax collection, nearly 60 per cent comes from valuer added tax and 20 per cent from stamp duty. The balance 20 per cent is mobilised from state excise tax, electricity duty and vehicle tax.
    A state government official, who did not want to be identified, told Business Standard: “The proposal will be soon discussed at the cabinet. If a foreign bank wants to close a deal for 100,000 sq ft in the plush Bandra Kurla Complex, at the present market values it comes to Rs 200 crore. By the revised stamp duty proposal the foreign bank will now have to pay Rs 80 lakh. Similarly, if any coffee chain or pizza chain or mall wants to have a leave and licence agreement up to 60 months in Worli, Bandra, Khar, Linking Road or Santa Cruz, they will have to pay stamp duty at 0.4 per cent of the market value of the commercial premises
  • #2


    Re : Maharashtra Govt. To Revise Stamp Duty

    If last years budget was a revenue surplus what is the need to increase the taxes?

    First of all, how much of the spends last year have been incurred on improving the city infra?


    • #3


      Re : Maharashtra Govt. To Revise Stamp Duty

      good move...kill everyone so no complaints....


      Have any questions or thoughts about this?