Delhi government today proposed to increase the penality on defaulters and evaders from five to ten times of the deficit amount of stamp duty.
Presenting the Budget in the assembly, Deputy Chief Minister Manish Sisodia said that under the present scheme of things in the Indian Stamp Act 1899 as applicable in the NCT of Delhi, the collector of stamp can impose penalty from Rs 5 upto 10 times of the amount of deficit of stamp duty in case of impounded documents.
He also said that government wants to rationalise the penalty 2% of deficit amount for every month of delay.
"I intend to rationalise the penalty @ 2% of deficit amount for every month of delay. To effectively administer the Act, I also intend to amend certain other provisions of Stamp Act, which will provide certainty to terms and expressions used in the Act and avoid confusion in the interpretation," Sisodia said.
