THE STAMP DUTY COLLECTION ON THE REGISTRATION OF PROPERTIES WENT UP BY MORE THAN 30%.
THE NUMBER OF DOCUMENTS REGISTERED DID NOT GO UP BUT THE STAMP DUTY COLLECTION WENT UP BY 30%. THE ILLEGAL BLACK MONEY NOW ACCOUNTED FOR.
THE ROLE OF BLACK MONEY IN OPERATION IS CLEARLY EVIDENT FROM THE RESULTS
The Property Market in Bengaluru has recovered from the demonetisation slump and going by the figures of the Stamps and Registration Department, which has overshot its revenue target of 6,000 crores for Bengaluru by mopping up around 6,200 crore, the department’s revenue collection target for 2017-18 is 9,000 crore, of which 8,820 crores has been recovered.
Demonetisation had impacted the realty market in the state hard. It showed up in last year’s revenue figures of the Stamps and Registration Department. There was a shortfall of Rs 1,350 crore and a majority of the deficit was from Bengaluru. The situation was worse than that of the 2008 economic slowdown collection figures — the collection stood at around `7,750 crore vis-a-vis the target of Rs 9,100 crore.
Bangalore`s contribution to the state exchequer in terms of stamp duty is 70% and the rest of the state only accounts for 30%.
The Stamps and Registration Department is among the top three list of revenue garners for the state treasury after Transport and Commercial Tax Departments.
Last year there was a shortfall of Rs.1, 350 crores from the expected revenue but this year with fewer documents the department has collected Rs.8, 800 crores and the target for Bengaluru was Rs.6,000 crores, but Bangalore collected Rs.6,200 crores.