Stamp duty payment on property transactions to become easier
Paying stamp duty on property transactions is going to be easier now. The task of going around multiple offices will be eased very soon.
To make the stamp duty collection system easy, Maharashtra cabinet has approved a new model under which authorized banks will collect stamp payments. With this the whole system will be secured against fraudulent transactions.
Soon, you can pay the stamp duty for property transactions by just visiting a single bank, then going around several offices. Authorized banks will only be able to collect stamp duty payments.
As per the new system, stamp duty has to be at least of Rs 5000 for a transaction of property in Mumbai or Pune. The person has to visit a branch of an authorized bank and fill up a form with the property transaction details which will help him making the stamp duty payment.
The details given in the form will be then fed into an online database by a bank officer who will then issue the customer an Electronic Secure Bank and Treasury Receipt (eSBTR), a digitalised form of a receipt. This eSBTR looks like an old stamp paper and can be used also as one.
The only difference is that the e receipt will be more safe and secured than the old stamp papers. Also the number of the receipt will be noted down to help in tracking it in the future.
This initiative is a pilot project and will be started in Mumbai and Pune. 5,000-odd traditional stamp vendors will be made part of the reform.
With earlier many fraudulent cases and scams, this initiative is going to help people against forgery and fraud. Once implemented, eSBTR is likely to phase out stamp papers and even newer practices of franking and e-stamping.
For this project, the state government has already tied up with 13 banks and five banks are ready for a roll-out that can be done in 45 days.
Unlike previous fees to vendors, a fixed amount of Rs 150 can be paid to banks per transaction.
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Electronic Secure Bank and Treasury Receipt, eSBTR, Maharashtra cabinet, Mumbai, Properties in Mumbai, property in Mumbai, Property transactions, Stamp duty, Stamp duty payment
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