State Govt Proposes To Amend Maharashtra Stamp Act, Reduce Penalty
As per the Stamp Duty Amnesty Scheme, the insufficiently paid documents will be certified by the department as properly paid under the scheme.
![Representational photo |](https://media.assettype.com/freepressjournal/2023-03/be37ba68-9532-4a22-af08-323f2a922c16/Untitled_design___2023_03_24T125743_971.jpg?width=1200)
Representational photo |
Three months after the Maharashtra Government issued a notification extending the Stamp Duty Amnesty Scheme 2023 till June 30, 2024, it has now proposed to amend the Maharashtra Stamp Act (LX of 1958) and the Maharashtra State Tax on Professions, Trades, Callings and Employments Act, 1975 (Mah. XVI of 1975). The section 39 of the Stamp Act is proposed to be amended with a view to reduce the penalty levied, in case of registered document, on the difference in stamp duty amount from the date of execution of such document from 2% to 1% per month.
Similarly, sections 48 and 50 of the Stamp Act are proposed to be amended with a view to increase the time limit for filing refund applications from six months to one year from the date of stamp purchase. This was announced by the Maharashtra Deputy Chief Minister Ajit Pawar, who also holds the Finance portfolio, in his budget speech.
As per the Stamp Duty Amnesty Scheme, the insufficiently paid documents will be certified by the department as properly paid under the scheme. The beneficiaries are required to apply under the scheme online and offline. The department will collect the stamp duty as applicable on the date of execution of the documents by offering relief in the stamp duty amount as well as penalty depending on the period at which such documents were executed and the date on which the application has been filed by the beneficiary to avail the benefit of the scheme.
Welcoming the move, President of Registration Fee & Stamp Duty Payers Association, Adv. Vinod Sampat said, “Stamp duty is the largest source of revenue for the Maharashtra government. With a negligible staff of about 2,000 persons, the stamp duty is contributing maximum revenue to the state exchequer. The rate of penalty was 2% per month for more than a decade. Regarding the fact that the interest rates are falling, the government authorities decided to reduce the Stamp Duty penalty from 2% to 1%. This demand had been made by our association long ago.”
“It is at the bill stage now and the same may be accepted in the days to come once it is passed in the state assembly and approved by the Governor. With a view to augment the resources of the government, Stamp Duty Amnesty Schemes are being introduced. The system is moving towards online and we are able to get back the original documents immediately once the stamp duty is paid,” he said.
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