Stamp duty in Gujarat surges 148% in Q1 FY22

Even though Covid-19 cases in Gujarat have slumped in the last few weeks, economic activity has increased significantly. In the period from April to July this year, the state government's revenue from various sources increased by 36% over the same period last year. Revenue from stamp duty and property registration increased by 148% from April to July this year, compared to the same period last year (2020), reflecting a huge surge in real estate transactions since April. The revenue from stamp duty and registration fees was Rs 588 crore in July 2020, just after the lockdown ended. The revenue from stamp duty and registration reached Rs 968 crore in July of this year. In the fiscal year 2020, revenue from stamp duty and registration were Rs 1,234 crore from April to July. Between April and July this year, stamp duty and registration revenue totalled Rs 3,061 crore. The state government has earned 34% of its annual budgetary target of Rs 8,700 crore in the first four months of the financial year, thanks to stamp duty and registration revenue. According to state government figures, the number of property documents registered in the first four months of 2020-21 was 1.94 lakh, up from 4.07 lakh in the first four months of 2021-22, indicating a massive 110% increase in the total number of registered sale deeds in the state. Compared to the same period last year, the state's main source of revenue, the Goods and Service Tax (GST), has grown by only 6% in the first four months of the current fiscal year. In the first four months of this fiscal year, revenue from stamp duty and registration increased by 148% over the same period last year. As compared to the same period last year, the motor vehicle tax increased by 110% in the first four months of the fiscal year. Compared to the same period last year, revenue from value added tax (VAT) on petroleum products increased by 81% in the first four months of the current fiscal year. In the April-July period of this year, government revenue from the sale of liquor prohibition and excise tax increased by 61% over the same period last year. Image Source Also read: Karnataka govt to introduce bill to reduce stamp duty from 5% to 3%