Mumbai: The Maharashtra state government has announced a significant increase in stamp duty fees to boost revenue, a move that will raise costs for citizens requiring stamp papers for various documents. The ?100 stamp paper, once commonly used, will now be replaced in most cases by a ?500 stamp paper.
Chief Minister Devendra Fadnavis introduced a bill in the Legislative Assembly on Tuesday to formalize the changes, following an ordinance issued on October 14, 2024. According to the proposed rules, ?500 stamp duty will be charged for government work orders up to ?10 lakh, while orders between ?10 lakh and ?25 lakh will attract a 0.1% fee. Rental agreements and transfers of ancestral property rights will now require ?200 stamp papers.
Banks have already begun demanding ?500 stamp papers for transactions, including power of attorney documents, further adding to the financial burden on citizens. The limited availability of ?500 stamp papers has created additional challenges, with government-approved vendors selling them for ?500 to ?600. Meanwhile, ?100 stamp papers remain abundant and are being sold at a ?10 premium by vendors.
Certain designated banks have been authorized to provide a franking facility, charging ?3 for processing fees on behalf of the state government. As the changes take effect, concerns over accessibility and affordability of higher-value stamp papers are expected to grow.
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