Notification imposing stamp duty on brokers working in Maharashtra and having office in other states

PRESS RELEASE                                                        Mumbai, Dated: 16.11.2009

IMPORANT DECISION REGARDING STAMP DUTY TO INCREASE THE REVENUE

Hon. Minister. Narayan Rane, after taking charge of the ministry has taken two important decision to increase the revenue of the government. Hon. Minister Narayan Rane has given the approval for lifting the stay granted earlier on  maximum registration fees for the documents fixed at Rs.30,000/-. Due to lifting of this maximum limit of registration fees, the government will be making an additional revenue of Rs.250 Crores.

Stamp duty collection as per Article 51A of the schedule I of the Bombay Stamp Act, 1958 to collect the stamp duty from the brokers on transactions of shares and securities conducted in Maharashtra was stayed earlier.  Many brokers conduct the business of share and securities transaction in Maharashtra. However, it has come to the knowledge of the government that the brokers show their office in other states and evade the payment of stamp duty.  Therefore, Hon. Revene Minister Mr. Narayan Rane has given the approval to cancel the stay granted on collection of stamp duty from brokers on share and security transactions. Due to this decision, it is estimated that the revenue of the government will increase by 2185 Crores only on this account.

Sd/-

Private Secretary