Revenue collection from stamp duty and registration charges up by 33%

KOLKATA: The revenue collection from stamp duty and registration charges (SD&RCs) for Bengal has been recorded at Rs 7366.4 crore for financial year 2022, which is a surge of 33 per cent from 2021 fiscal. In 2021, the revenue collection in this category was Rs 5527.6 crore.

According to Motilal Oswal Financial Services Limited (MOFSL), the state's contribution to the overall revenue numbers has been observed to be at 4 per cent. The state's average monthly revenue collection in FY22 was Rs 613.8 crore as compared to Rs 460.6 crore in FY21. The country's average monthly revenue collection in FY22 was Rs 14262. 5 crore as compared to Rs 10646. 2 crore in FY21. Maharashtra has the highest collection of state revenue followed by Uttar Pradesh.

According to the report seven states namely, Telangana, J&K, Sikkim, Nagaland, Haryana, Gujarat and Maharashtra have recorded more than 40 per cent increment in their revenue collection from SD&RCs.

In terms of Year-on-Year (YOY) growth, Bengal is far ahead of states like Uttar Pradesh, Rajasthan, Assam etc. While Bengal's YOY growth is 33 per cent, UP has 22 per cent growth while Rajasthan has 17 per cent. Assam clocked a negative of 43 per cent while Odisha has a negative growth of 18 per cent. The state government for the first time in July last year had reduced the stamp duty for registration of deeds affecting sale or lease of land, house or flat by 2 per cent considering the Covid situation and it was valid till October 31.

It was further extended and presently it stands extended till September 2022.

Similar was the case with circle rate or market value for registration of deeds of land, house and flat that was reduced by 10 per cent for the

first time in July 2021 and it stands extended till September 2022.

"The steps have contributed to the surge in revenue collection from stamp duty and registration charges,"a senior Nabanna official said.