Amidst robust property registrations in the country, the state governments are able to earn higher revenues by collecting stamp duty charges. The aggregate revenue collection made from 27 states and one union territory of Jammu & Kashmir via stamp duty and registration charges (SD&RCs) was recorded in excess of Rs 1.71 lakh crore during the financial year 2021-22. The revenue collection is up by 34% versus the last year.
The average revenue collection on a monthly basis across these states and union territories during the financial year increased to Rs 14,262 crore. Last year, the average monthly collection stood at Rs 10,646 crore.
With respect to revenue figures, Maharashtra recorded the highest state revenue collection, worth Rs 35,593 crore collected via stamp duty and registration charges. Maharashtra, which comprises India’s largest and most expensive property markets of Pune and Mumbai, contributed about 21% of the all-inclusive SD & RCs revenue of the country.
The residential real estate sector marked a significant revival in FY22. In the last two years, the real estate sector witnessed an average growth of nearly 15%. The performance of the residential property market in FY22 is not likely to repeat the following year since the inflation is high and the economic uncertainty is also sharp.
For any clarifications/feedback on the topic, please contact the writer at bhavana.pn@cleartax.in
Bhavana is a Senior Content Writer handling the GST vertical. She is committed, professional, and has a flair for writing. When away from work, she enjoys watching movies and playing with her son. One thing she can’t resist is SHOPPING! Her favourite quote is: “Luck is what happens when preparation meets opportunity”.
The systematic investment plan (SIP) contribution in February 2024 has crossed a new milestone. The monthly contribution tipped at Rs…
The Income-Tax (I-T) Department has directed taxpayers to access the Annual Information Statement (AIS) via the e-filing official portal and…
Considering the vagaries of the stock market, investors often ponder over reevaluating their strategies. Whether to continue to remain invested…
Financial planning is beyond just investing wisely to save on taxes; it's also related to protecting oneself and one's loved…
A salaried individual earning up to Rs 5-15 lakh as net salary on an annual basis must first take stock…
Equity-linked savings schemes (ELSS), also referred to as tax-saving schemes, are equity funds that invest a significant portion of their…