IGR meets 85 per cent target, hopes to collect Rs 21,000 cr revenue
The department is also hopeful that with the state decision to revise the ready reckoner rates from April 1 will also lead to increase in registrations in March.
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THE INSPECTORATE General of Registration and Stamps (IGR) has shown Rs 17,500 crore as revenue achieved till January end and February first week, which sees the department already achieve 85 per cent of the target ahead of the financial year end. The department has set a target of Rs 21,000 crore for this financial year.
“We are sure to meet our targets and the registrations will pick up this month and the coming month,’’said IGR Dr Ramaswami N on Monday. The department is the second-largest contributor to the state government’s coffers after the sales tax and all efforts are being made to meet the target with registration of leave and license, sale and purchase and mortgage all reflecting that the so-called slump does not reflect in the figures issued by the IGR.
Of this, Mumbai city and suburbs account for Rs 6,479 crore, followed by Thane Rs 4,098 crore and Pune Rs 4,074 crore, said the offical from the department till January-end. The department despite having done away with the stamp duty on gifting property to an heir had not seen a revenue loss, said the official from the department.
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The department is also hopeful that with the state decision to revise the ready reckoner rates from April 1 will also lead to increase in registrations in March.
Ready reckoner rates are used to calculate the value of immovable property like commercial or residential buildings or land and charge stamp duty on them. In 2014-15, the department of registration and stamps had a Rs19,426 crore target as against the actual collection was Rs 19,969 crore while the year before that saw the department collecting Rs18,675.98 crore as against Rs 17,400 crore in 2012-13. However, for the past three financial years, the total number of documents registered were around 23 lakh, stated the official from the department.
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