The state has so far collected Rs 26,487 crore from stamp duty and registration of property documents, which is about 82.77% of the Rs 32,000-crore target for the current fiscal.
The revenue department officials are expecting the collection to be over Rs 36,000 crores for the financial year 2022-23. The collection of the revenue from the head in November was Rs 3,542 crore, while it was Rs 3,484 crore in October, taking the total collection till December 12 to Rs 26,487 crore.
“After a brief dip in April, the market has been upbeat throughout the year. Usually, the registration of the properties goes up from January. We expect the trend to continue helping us in collecting over 110% of the target. Unless the real estate market is hit by the recession, we will be in a position to cross the Rs 36,000-crore mark,” a Revenue Department Official said.
The state’s tax revenue comes majorly from GST, sales tax, stamp duty, and registration and excise duty. While the revenue collection from other heads like GST and excise are ranging between 58% and 70% of their annual target, the stamp duty collection is over 80%. The state government’s estimated tax revenue for FY 2022-23 is Rs 3.08 lakh crore. Of which, Rs 2.13 lakh crore has been collected till October end.
