The Karnataka Government expects additional revenue of Rs 840 crore following upward revision of guidance value of properties, including Rs 614 crore in Bangalore urban district, by way of increase in registration fee and stamp duty.
Revenue Minister V. Srinivasa Prasad said in reply to question in the State Assembly that guidance value has been revised upwards in 25 districts on an average of about 30 per cent, while the process to do it is on in the remaining five districts.
The government expects to garner additional Rs 226 crore from the remaining 29 districts from the measure, he said.
Revenue from stamps and registration is the third largest source of revenue for the government, officials said. For the current year, a revenue collection of Rs 6,500 crore has been fixed by the Department of Stamps and Registration, which is being reorganised and modernised for achieving this target.
By bringing property and land registration services under the ‘Sakala’ scheme, the public can now have their documents registered within a day, it was noted.
The Congress government in Karnataka has also proposed to create a permanent dedicated valuation cell in the State with adequate staff so as to continuously monitor market values and advise on revision of guidance values.
It has also proposed to have MoU with Airport Authority, Port Authority and banks to collect additional revenue from stamp duty on instruments relating to import of goods, officials said.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.