Stamp duty, registration charges revenue up 35%

Times of India | 2 weeks ago | 22-11-2022 | 08:20 am

Stamp duty, registration charges revenue up 35%

Chennai: Revenue to state governments through stamp duty (SD) and registration charges (RC) reached 94,847 crore in H1 FY23, a substantial spike by 35% over the corresponding half year of last financial year at 70,120 crore.Maharashtra, Uttar Pradesh and Tamil Nadu led the country in the cumulative revenue collection with the three states alone accounting for more than 40% of the total income generated. The surge in revenue is attributed largely to the revival of residential real estate post-Covid with property consultants indicating sale of housing units have shot up across metros and housing finance companies underscoring that the demand for home loans in tier 2 and 3 cities and towns having spiralled in the past two quarters of this fiscal. A study by Motilal Oswal Financial Services Limited released on Monday said, Maharashtra has the highest collection of state revenue from SD and RC at 18,600 crore, contributing 20% of the overall revenue generated under the component in the country during the April-September (H1) period of FY23. It is followed by Uttar Pradesh in second position and Tamil Nadu in third at 12,390 crore and 8,660 crore, respectively. The revenue of top 10 states with the highest SD and RC rose anywhere between 25% and 65% in the half year of this fiscal when compared with the income in the previous year (2021-22). The study considered the revenue of 27 states and Union territory of Jammu and Kashmir.Last financial year, these states collectively generated revenue of over 1.7 lakh crore with the identical trend of Maharashtra, Uttar Pradesh, Tamil Nadu, Karnataka and Telangana positioned in the top five ranks mirroring in the H1 of FY23, as well. SD and RC are an important source of revenue for the state governments since they are one of the few income avenues that is still outside the purview of GST. Nikhil Gupta, chief economist, Motilal Oswal Financial Services said, “The residential real estate sector has performed superbly over the past 18-24 months. Most of the incentives such as stamp duty reduction, lower interest rates or lower prices have disappeared over the past six months. It is, thus, very likely that the sector may see some headwinds in the coming quarters.” S Sridharan, chairman (urban development and housing), Credai-National said, the country is witnessing an increase in demand for housing plots than the pre-Covid times. “The unsold inventory of housing units has reduced, reflecting on the revival of the real estate sector,” he added.

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