By Accommodation Times Bureau
In a move to mobilise additional resources for the state, the Punjab Cabinet on Wednesday approved an ordinance to amend Schedule 1-A of Indian Stamp Act, 1899, to enable an increase in the stamp duty rates.
Stamp duty rates for 17 items stand to double following the amendment, which the Cabinet found to be essential to boost the revenue receipts of the state. Punjab currently raises Rs 50 crore from stamp duty, which would go up by Rs. 100-150 crores with the increase in rates.
The Cabinet, under the chairmanship of Chief Minister Captain Amarinder Singh, noted that the new rates were higher than those of neighbouring Haryana but found it imperative to increase the rates to generate the much-needed revenue for the state. The Cabinet also noted that the last revision in the rates was done in 2009.
The ordinance would now be sent to the Legal and Administrative Affairs Department for its finalization and later to Punjab Governor for its approval.