The Maharashtra government has taken a step to provide relief to its residents by extending the Stamp Duty Amnesty Scheme. The scheme, which was set to expire on March 31, 2023, has now been extended till June 30, 2024. This move comes as a result of the low revenue mobilization and the need to continue providing support to the citizens.
Procedure and Benefits of the Scheme
Under the Stamp Duty Amnesty Scheme, beneficiaries will have the opportunity to rectify any insufficiently paid documents. The scheme allows the department to certify these documents as properly paid. Interested individuals can apply for the scheme through both online and offline channels. Once the application is filed, the department will collect the stamp duty as per the applicable rates on the date of document execution. Furthermore, the scheme offers relief in the form of reducing the stamp duty amount and penalty, based on the execution date of the documents and the date of application submission.
Penalties and Waivers
The scheme incorporates penalties ranging from two percent per month to a maximum of 400 percent, depending on the level of stamp duty due. However, beneficiaries can avail of the waiver if they apply within the specified timeframe and meet the scheme’s criteria.
Coverage and Eligibility
The Amnesty Scheme covers all instruments related to the transfer of immovable properties in Maharashtra, including residential, non-residential, industrial, agricultural, and non-agricultural properties. Both registered and unregistered instruments fall under this scheme. Two schedules determine the execution period of the instruments. Schedule I includes documents executed between January 1, 1980, and December 31, 2000, while Schedule II comprises instruments executed between January 1, 2001, and December 31, 2020.
Extension in Response to Revenue Mobilization Challenges
The decision to extend the Stamp Duty Amnesty Scheme reflects the state government’s continuous efforts to address revenue mobilization challenges. By extending the scheme, the government aims to support residents in regularizing their documentations without incurring heavy penalties. In January this year, the state government had initially extended the term of the scheme till March 31, 2023. However, the extension till June 30, 2024, demonstrates the government’s commitment to accommodating the needs of its citizens during these challenging times.
Conclusion
The extension of the Stamp Duty Amnesty Scheme in Maharashtra brings relief to residents and allows them to legalize their property documents without facing excessive penalties. By providing this opportunity, the government aims to facilitate the regularization process and boost revenue mobilization. Interested individuals are urged to take advantage of the extended period and fulfill the necessary requirements to benefit from the scheme.
