In a move to mobilise additional resources for the state, the Punjab Cabinet on Wednesday approved an ordinance to enable increase in the stamp duty rates on property transactions.
Stamp duty rates for 17 items stand to double following the amendment, which the Cabinet found to be essential to boost the revenue receipts of the state, a government spokesperson told IANS.
Punjab currently raises Rs 50 crore from stamp duty, which would now go up by Rs 100-150 crore.
The Cabinet, under the chairmanship of Chief Minister Amarinder Singh, noted the new rates were higher than those of neighbouring Haryana but found it imperative to increase the rates to generate the much-needed revenue.
The Cabinet noted that the last revision in the rates was done in 2009.
The ordinance would now be sent to the Legal and Administrative Affairs Department for its finalisation and later to Punjab Governor for its approval.
--IANS
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