Renovating the entire stamp duty collection system, Maharashtra Government has approved e-payment of stamp duty.
Maharashtra govt decides to go online for property tax payment.
Property transactions will be easier in Maharashtra now. And you will have more convenience on moving around from office to office, one to the other. All this will be possible in Maharashtra where the government has decided to accept e-payment of stamp duty.
To pay stamp duty for your property transactions, you may soon be spared of doing the rounds of multiple offices.
Under the new model, the stamp duty for property transactions will be collected by authorized banks. With the approval the buyers will be able to pay the property tax in the bank counter.
Under the new system, the buyer, or the one who needs to pay the property tax, can pay the property tax in the bank. However this new system is applicable only for the sum over Rs.5000.
Property deals will be easier in Maharashtra with online tax payment
Once the stamp duty is paid with the bank officer who collects the amount, the officer will return a digital bill to the payer. The bill, known as Electronic Secure Bank and Treasury Receipt (eSBTR), will look like a stamp paper. Moreover it works as a stamp paper.
While the payment is made, the customer has to provide all details related to the property transactions to the bank officer who will feed all the given details in to an online database.
The digital bill or the e-receipt is expected to be more secure than traditional stamp papers. It is the main difference between the two. Traditional stamp papers are more viable to falsifying.
Making it more secure, the category of the paper used for the receipt also will be entered in the database. So it will be easier for the officials to track the receipts and identify whether the produced receipt is fake or original.
The new system of paying property tax through banks will be first initiated in Mumbai and will be followed by Pune. The new system will be introduced in other cities afterwards.