Stamp duty increases 148% from April to July this year in Gujarat | Ahmedabad News

GANDHINAGAR: Even though cases of Covid-19 in the state have been hovering at the bare minimum for the past few weeks, economic activity is showing impressive growth. State government revenues from various sources increased by 36% during the period from April to July of this year, compared to the same period last year.
Significantly, compared to the corresponding period last year (2020), revenue from stamp duties and property registration increased by 148% during the period from April to July of this year. , reflecting a huge surge in real estate transactions since April of this year.

As of July 2020, just after the lockdown, revenue from stamp duty and registration fees was Rs 588 crore. In July of this year, revenue from stamp and registration duties hit the mark of Rs 968 crore. Taking into account the period from April to July, the revenue from stamp duty and registration in 2020 was Rs 1,234 crore. This year, the revenue from stamp duty and registration between April and July is Rs 3,061 crore.
Stamp duties and registration revenues have been so impressive that the state government earned 34% of its annual budget target of Rs 8,700 crore in the first four months of the fiscal year.
According to official state government figures, the number of property documents registered in the first four months of 2020-21 was 1.94 lakh, which rose to 4.07 lakh in the first four months of 2021-22, reflecting a whopping 110% jump in the total number of bills of sale recorded in the state.
However, the main source of state revenue – goods and services tax (GST) revenue increased only 6% in the first four months of the current fiscal year compared to the same period last year. Revenue from stamp duties and registration increased 148% in the first four months of the current fiscal year compared to the same period last year. Motor vehicle tax grew 110% in the first four months of the fiscal year compared to the corresponding period last year.
The VAT (value added tax) on petroleum products showed an 81% increase in revenue in the first four months of the current fiscal year compared to the corresponding period last year. Government revenues from the sale of alcohol (ban and excise tax) registered a 61% increase in the April-July period of this year compared to the same period last year.
Although overall government revenues from all sources showed a marginal decline in the year 2020-21 (Rs 79,793 crore) compared to the previous year 2019-20 (Rs 86,534 crore), the government is optimistic about its ability to break through the revenue target of Rs 1.08.035 crore this year.

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