Maharashtra Government Surpasses Stamp Duty Revenue Target, Collects ₹50,000 Crore in 2023-24

Maharashtra state government exceeded its stamp duty and registration revenue target for the 2023-24 financial year, collecting 50,000 crore. The Maharashtra government's stamp duty collection has surpassed the target of Rs 45,000 crores. A total of 28,26,149 documents have been registered in the state during the fiscal year. The state government has attributed this win to the various initiatives undertaken by the Department of Registration and Stamps, such as the effective implementation of the Abhay Yojana, recovery of pending stamp duty cases, and the use of technology for online payment of stamp duty. 

The recovery of stamp duty dues pending since 1980 was prioritized by the department. Notices were issued to defaulters, and department officials visited their homes to collect dues on the specified dates, according to the official. Under the Abhay Yojana, the government also provided a grant of a 40% discount on the additional lease fee amount to developers who are unable to develop land parcels within the stipulated period by March 31, 2024, and strategically reduce the additional cost. It resulted in a waiver of penalties and interest on registered and unregistered documents between 1980 and 2020.

Some cases related to pending stamp duty were taken up by the High Court and Supreme Court. Efforts were made to expedite the disposal of these cases with the assistance of government lawyers. Appeal and revision cases filed under the Stamp Act were prioritized for disposal by the Office of the Inspector General and Chief Controlling Revenue Authority. Special efforts were made to handle a large number of cases filed in Mumbai and suburban areas.

The state official stated, "All government offices, local self-government institutions, and statutory government organizations were instructed to submit monthly reports of stamp duty collections via the GRAS system to the district stamp officer. Registration offices commenced operations on public holidays during the fiscal year 2023-24 to facilitate stamp duty registrations. All these factors led the State to collect a surplus of 5000 Crores than the expected 45000 crores."