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Tuesday, March 31, 2020

Punjab: Residents in urban areas to pay additional 1% stamp duty

The move will help generate Rs 400 crore, which would be used to fund water supply and environment improvement programmes in the urban areas.

By: Express News Service | Chandigarh | Published: February 19, 2020 4:34:59 am
Amarinder Singh, Punjab government, additional stamp duty, chandigarh news, punjab news, indian express news A decision to this effect was taken in a Cabinet meeting chaired by Chief Minister Capt Amarinder Singh. (Express Photo)

Punjab government Tuesday decided to levy one per cent additional stamp duty on sale and purchase of properties in urban areas of the state.

The move will help generate Rs 400 crore, which would be used to fund water supply and environment improvement programmes in the urban areas.

A decision to this effect was taken in a Cabinet meeting chaired by Chief Minister Capt Amarinder Singh.

The Cabinet nod came a day before Amarinder is to chair a meeting of the Empowered Committee on Finances of the Local Bodies Department to review its fiscal needs.

The state has been falling short of meeting its target on stamp duty collection. It had a target of Rs 2650 crore for the current fiscal but was able to generate on;y Rs 1713 crore till December 31, 2019.

Soon after coming to power, the Congress government had done away with the social security cess of 3 per cent on sale and purchase of properties. Later, it was being debated that the waiver had caused a loss to the exchequer.

The waiver was only till last fiscal year but was extended in the Lok Sabha election year.

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