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Tamil Nadu's revenue through stamp duty and registrations has jumped over 29 per cent between April-December 2011, compared with the corresponding period last the previous year.
According to an official press release, the Registrations Department has reported a revenue of Rs 4,744.40 crore in the current year, which is Rs 1,073 crore higher than the previous year's collection at Rs 3,670.77 crore. The State Government has set a target of Rs 6,492 crore revenue for the current year. On the ‘Samadhan' a conciliation effort to settle disputes under Section 47A of the Indian Stamps Act. 1899, relating to stamp duty based on the market value, the release said following the announcement of the scheme in November 2011, over 14,544 documents have been cleared with a revenue of Rs 79.13 crore as of January 21, 2012.
Pending documents
There are over 39,812 documents pending under such dispute representing a potential revenue of Rs 541.31 crore. Revenue to the Government is locked up when there is a dispute relating to the stamp duty that has to be paid on the market value of the property that is being transacted. When the property is under valued or when the stamp duty is not paid, the Act provides for the issue to be referred to the District Revenue Officer (Stamps) or Special Deputy Collector (Stamps).
Under the Samadhan Scheme, the State Government waived one-third of the Registration Stamp Duty to be paid to enable the revenue to be freed and public get back their documents.
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