Maharashtra’s revenue department has approved a proposal to levy a flat 1 per cent charge on property registrations with immediate effect, doing away with the Rs 30,000 ceiling.

Revenue minister Narayan Rane lifted a stay on an earlier order of the government. The decision on the 1 per cent property registration fee was taken by then revenue minister Patangrao Kadam early this year but was stayed ahead of elections.

Rane cancelled the cap of Rs 30,000 for the registration fee, an official in the revenue minister’s office said, adding the measure is expected to earn the state exchequer Rs 250 crore.

According to the new order, if the ready-reckoner value of a property according to the government is Rs 1 crore, the registration fee to be paid will be Rs 1 lakh, instead of the earlier Rs 30,000.
 
Ex-state stock brokers to pay stamp duty. The revenue department has also cancelled its earlier decision of waiving stamp duty on transactions carried out by stockbrokers from other states.

Source: Business Standard

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