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The Gujarat government is anticipating a significant boost in revenue from stamp duty and registration fees, exceeding the budget estimates for the fiscal year 2023-24 by over Rs 1,000 crore. This surge is attributed to the implementation of the revised jantri (annual statement of rates) from April of the previous year. The government initially estimated earnings of Rs 13,950 crore from stamp duty and registration fees for the fiscal year, but with the jantri revision in place, officials are optimistic that the income will surpass Rs 15,000 crore.
In the first nine months of the current fiscal year (April to December), the government has already collected Rs 11,702.19 crore from stamp duty and registration fees. Comparatively, the total income for the entire fiscal year 2022-23 was Rs 14,348 crore. Officials note that historically, the last quarter of the financial year tends to exhibit higher income from stamp duty and registration fees, suggesting that the annual collection may surpass the budgetary estimates by over Rs 1,000 crore.
The government attributes this positive trend to the simplification and digitization of services offered by sub-registrar offices across the state. Various processes involved in property registration have been streamlined and made accessible online, contributing to faster processing of property registration papers. Officials believe that the simplification of these procedures will not only enhance efficiency but also lead to increased revenue from stamp duty and property registration.
Jantri, a crucial guideline for stamp duty assessment on property sale agreements, experienced a significant update after 12 years in February 2023. The government, in this revision, doubled the jantri rates and implemented the new annual statement of rates from April 2023. Additionally, jantri serves as a tool to determine property prices for specific locations or areas within administrative boundaries. The government's proactive measures in updating jantri rates and facilitating online processes have set the stage for a notable boost in stamp duty and registration fee revenue in the ongoing fiscal year.
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