State slashes stamp duty by 2%; grants one-time road tax waiver on vehicles

KOLKATA: In a major announcement, the Mamata Banerjee government has proposed a rebate on stamp duty and waiver of road tax on vehicles in the state Budget on Wednesday.

It has been proposed to reduce the stamp duty for registration of deeds affecting sale or lease of land, house or flat by 2 per cent considering the curtailment of the purchasing power of the people due to Covid situation which led to economic slowdown.

Stating that the real Estate Sector has been greatly affected due to the pandemic situation, the Parliamentary Affairs minister Partha Chatterjee proposed the reduction in the stamp duty while laying the annual financial statement for 2021-22 fiscal.

It needs mention that the stamp duty was six per cent and four per cent in urban and rural areas respectively. It has been reduced by two per cent for both.

At the same time the circle rate or market value for registration of deeds of land, house and flat has been proposed to be reduced by a whopping 10 percent. Both the rebate in stamp duty and circle rate will remain applicable till October 31.

Meanwhile, the state government has also proposed to extend the one-time exemption of motor vehicles tax and additional tax from July 1 to December 31 considering the prevailing post-lockdown economic hardships in the transport sector. The waiver of road tax was earlier for the period from January 1 to June 30.