CHANDIGARH, Oct 17: The Punjab Cabinet Wednesday approved an ordinance to amend Schedule 1-A of the Indian Stamp Act, 1899, to enable increase in stamp duty rates.
Stamp duty rates for 17 items will double following the amendment, which the Cabinet found to be essential to boost the revenue receipts of the state, an official spokesperson said here.
The Cabinet, under the chairmanship of Chief Minister Capt 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.
Punjab raises Rs 50 crore from the stamp duty, which would go up by Rs 100-150 crore with the increase in rates.
The Cabinet also noted that the last revision in the rates were done in 2009, the spokesperson said.
The ordinance would now be sent to the legal and administrative affairs department for its finalisation and later to Punjab Governor for his approval. (PTI)
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