Surcharge on stamp duty yet to be credited into accounts of local bodies

Srikakulam: Surcharge on stamp duty has not been credited into local bodies’ accounts for the last one year in the district.

As per rules, 1.5 per cent of the stamp duty amount collected on registration of various deeds and documents by the Stamps and Registrations department has to be credited into accounts of the local bodies concerned like village panchayats, mandal parishads, Zilla Parishads, Nagara Panchayats, municipal towns and Municipal Corporations as surcharge.

According to rules and regulations, 1.5 per cent surcharge amount has to be credited into the accounts of the local bodies concerned as per registration of deeds and documents pertaining to the properties located within the limits of the individual local bodies. The surcharge amount has to be credited into the accounts of the local bodies every month. But in Srikakulam district, the dues of surcharge have crossed more than Rs 15 crore.

Regarding payment of surcharge to the local bodies, proceedings have to be prepared and sent to the stamps and registrations department through the treasury department and the treasury department officials have to deposit the amount into the accounts of the local bodies concerned on proportionate basis based on the registration of deeds and documents regarding properties located within the purview of the local bodies.

Stoppage of payment of surcharge amount causes another financial burden to the local bodies.

“Surcharge amount on stamp duty is one of the prime sources of income for the local bodies to meet regular expenses,” said Grama Panchayat Sarpanches Association district president G Sankar.

Due to technical issues relating to comprehensive finance management system (CFMS), surcharge amount has not been credited into the local bodies’ accounts, said stamps and registrations department officials.