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Note ban pulls down registration revenue
Faced with declining revenue from the Stamps and Registrations department following demonetisation, compared with last year, Finance and Revenue departments are said to be considering alternative measures, including reducing registration values of lands in some places.
Amaravati: Faced with declining revenue from the Stamps and Registrations department following demonetisation, compared with last year, Finance and Revenue departments are said to be considering alternative measures, including reducing registration values of lands in some places.
The two departments identified that government value of lands in some parts of the states are more than the real market value, which is discouraging prospective buyers to purchase them and thus resulting in fall in revenues. The current cash crunch further aggravated the situation.
According to officials, the Stamps and Revenue department set the revenue target of Rs 5,180 crore for the year 2016-2017. But the revenue so far is Rs 2586 crore so far.
The revenue through registrations fell by Rs 20 crore this year in November. While it was Rs 250.06 crore in November last year, it came down to Rs 229.41 crore this year.
Vizianagaram and Guntur districts registered 0.56 per cent and 13.72 per cent decline in registration revenue this year.
Land transactions in Amaravati capital region are also sluggish as landowners prefer to keep lands instead of converting them in to cash.
The situation is not hopeful in Krishna district too where 2.70 per cent growth has been registered so far compared with last year despite huge scope for commercial operations in the surroundings of Vijayawada city.
In this backdrop, the Finance department Special chief Secretary Ajay Kallam, Revenue Minister K E Krishna Murthy and other officials of the two departments discussed the falling revenues following demonitisation and ways to overcome the situation.
Revenue Minister KE Krishna Murthy while speaking to this newspaper, said the government’s income had come down after the scrapping of big notes and the department may not reach the revenue targets.
He said, “The government value of lands is high in some areas. But it is not possible to reduce as per the existing rules. Now we are studying the situation from all aspects.”
