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Saturday, July 21, 2018

Maharashtra suffers loss due to undervaluation of property: CAG

"There were 463 cases (of stamp duty) out of 593 which were audited by the CAG--and found a revenue loss of Rs 155.52 crore. All the cases were inspected between 2015-16," the report said

By: PTI | Mumbai | Published: August 14, 2017 1:09:46 pm
Maharashtra, CAG, CAG Report, Maharashtra Lower Stamp Duty, India News, Indian Express, Indian Express News The report pointed out that the industry, energy, labour, tourism and cultural affairs departments issued as many as 8,017 stamp duty exemption certificates under package scheme of incentives, IT-ITES policy and tourism policy

The Maharashtra exchequer suffered a big revenue loss due to undervaluation of property resulting in lower stamp duty and registration fee during 2015-16, says a report of the Comptroller and Auditor General (CAG). The CAG’s revenue report, tabled on Friday before the monsoon session of the Maharashtra Legislature concluded, also showed that the outstanding amount on vehicle tax was as high as Rs 1,156.63 crore as on March 31, 2016. Out of this, Rs 1,006.77 crore has been outstanding for more than five years.

“There were 463 cases (of stamp duty) out of 593 which were audited by the CAG–and found a revenue loss of Rs 155.52 crore. All the cases were inspected between 2015-16,” the report said on the outstanding amount of stamp duty.

The report pointed out that the industry, energy, labour, tourism and cultural affairs departments issued as many as 8,017 stamp duty exemption certificates under package scheme of incentives, IT-ITES policy and tourism policy. Out of these 3,443 units did not start activities. The report also noted that there was no information available whether these units had availed remission of stamp duty.

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