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The Tamil Nadu Government is set to revise the guideline value of property and introduce a ‘samadhan' scheme for settlement of disputes in stamp duty and commercial taxes.
According to the policy note of the Registration Department, there has been a manifold increase in real estate price following the last revision of guideline values in August 2007.
The Government has taken steps to constitute valuation committees at the State and District levels realign guideline values with market rates.
The State-level committee will be headed by the Inspector General of Registration and district level sub-committees by the District Collectors. Work is on in all the 32 districts.
The State Government is also planning to introduce a ‘samadhan' scheme to resolve the disputes relating to stamp duty and fixation of market value for documents to be registered. A notification is expected soon and this would help free Rs 125 crore of money locked up pending a decision on the market value.
The revenue to the department from documents registered has grown to Rs 5,020.50 crore 2010-11 from a jump of 20 per cent over that of the previous year when the revenue was Rs 3,818.25.
The number of documents registered also increased to 32.80 lakh (27.31 lakh).
Commercial Taxes
Revenue collection by the Commercial Taxes Department is Rs 11,722 crore as of July 2011-12.
This is a 20 per cent jump over that of the same period in the previous year. In 2010-11, the total revenue was Rs 31,117 crore.
The policy note on commercial taxes also mentions plans to introduce a ‘samadhan' scheme for expediting dispute resolution of arrears.
The scheme relating to arrears under the Tamil Nadu General Sales Tax Act is likely to be October 1, 2011 to March 31, 2012.
The Government has said that following the introduction of Value-Added Tax from the earlier TNGST in January 2007, the State Government has claimed compensation of Rs 4,011.80 crore for VAT loss.
However, only Rs 3,361.36 crore has been received and the balance of Rs 650.44 is pending.
On revenue loss following the phasing out of Central Sales Tax due to introduction of VAT, the net amount payable by the Centre is Rs 4,188.38 crore as of 2009-10 but Rs 2,577.58 crore has been received leaving a shortfall of Rs 1,610.80 crore.
For 2010-11, a compensation claim of Rs 2,309.24 crore has been sent based on previous years guidelines as the Centre is yet to announced the guidelines for the year.
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