Rajasthan Budget 2020 proposes Amnesty Scheme to give 100% Waiver of Interest and Penalty on Stamp Duty Evasion

Amnesty Scheme Stamp Duty - Taxscan

The Rajasthan Budget 2020 has proposed an Amnesty scheme to give a 100% waiver of interest and penalty payable on stamp duty.

The following changes have also been made under Amnesty Scheme to the Stamps and Registration Department;

  • Concession in stamp duty under Amnesty Scheme shall be given on lease deeds executed by State Government and Local Authorities.
  • Full Exemption from stamp duty and concession in registration fees shall be given on the transfer of Sick Micro and Small Enterprises.
  • Stamp duty shall be calculated on auction price in case of the auction sale of immovable property of Sick Micro and Small Enterprises.
  • Discrepancies in DLC Rates especially of Group Housing Schemes shall be removed in Neemrana, Bhiwari, and Alwarareas.
  • Existing DLC rates will be reduced by 10% to facilitate industries and DLC rates will not be revised in next year also. Rates of stamp duty will be increased by 1%.
  • The facility of online payment of stamp duty will be provided on loan documents executed by Banks and NBFCs online on the portal of National e-governance Services Ltd.(NeSL).
  • The time limit for adjudication of stamp duty on the instruments by Collector (Stamps) will be fixed one month in case of instruments executed in the State and three months in case of instruments executed out of State.
  • Provisions relating to Land Tax will be simplified and rates will be rationalized and payment procedure will be made transparent and simple.
  • The facility of Lump-sum advance payment of stamp duty will be provided for loan documents executed by banks and financial institutions. 2
  • As per the amendments made in the Indian Stamp Act relating to the rate of stamp duty on securities instruments provisions of the Rajasthan Stamp Act will be amended according to Rajasthan Budget 2020.
  • Collector (Stamps) will be given powers similar to civil court to prevent evasion of the stamp duty in case of misclassification of documents.