Goa’s breathtaking scenery and stunning beaches make it the perfect destination for a holiday. Additionally, this state is the ideal location for owning a home or investing in real estate. However, purchasing a home is a challenging task. It entails a great deal of taxing and paperwork. Following your purchase, you must register your property by the Registration Act of 1908. To finalize the procedure, you also need to pay the state-imposed taxes of stamp duty and registration fees in Goa, which gives the property document legal status. This article will examine the registration procedure, stamp duty, and registration fees in Goa, as well as the payment options for these fees.
Stamp Duty Act of Goa
Section 3 of the Indian Stamp Duty Act 1899 directs the state government to levy stamp duty. In addition to increasing government revenue, the stamp duty in Goa gives the document legal status. To legally register the property, payment of stamp duty is required. If the charges are not paid, there is a penalty of up to 200 percent of the initial sum.
In Goa, the circle rate of the region determines the stamp duty; the state government sets these rates. The owner’s age, gender, location of the property, amenities provided, and kind of property are all factors that influence the circle rates. Due to the high circle for a prime location, stamp duty charges will be higher for that particular property. It is important to note that stamp duty depends on the market value of the property. Like this, not all states grant women a discount on stamp duty; Goa is an exception.
Stamp Duty and Registration Fees
In contrast to other states, Goa levies stamp duty and registration fees based on the property’s market value. In states like Punjab and Uttar Pradesh, stamp duty rates for men are the same regardless of the property’s value.
The following are the stamp duty and registration fees in Goa in 2022:
| Market Value | Registration charges in Goa | Stamp Duty in Goa |
| Upto Rs 50 Lakhs | 3% | 3.5% |
| Above Rs 50 lakhs up to Rs 75 lakhs | 3% | 4.5% |
| Above Rs 75 lakhs up to Rs 1 crore | 3.5% | 5% |
| Above one crore | 3.5% | 5% |
| More than Rs 5 crore | 3.5% | 6% |
| Contract for sale | 3% | 2.9% |
| Act of Correction | Rs 500 | Rs 500 |
| Conveyance Deed in Housing Co. Op. Societies’ Favor | 1.5% | 3% |
Goa Stamp Duty Calculated with AI
Goa computes stamp duty using the National Generic Document Registration System (NGDRS). Following Andaman & Nicobar, Punjab, and Manipur, it is the fourth state to adopt NGDRS.
The Goan state government posts the market price of each land parcel on the sub-registrar portal to facilitate the execution of deeds of sale for individual parcels.
This data will be used by an artificial intelligence (AI) system to calculate the amount of stamp duty that must paid. For every survey number, the revenue department will calculate the land price and update it on the portal.
- The stamp duty process will be quicker and more effective thanks to the AI system, which will minimize human intervention.
- Every year, the AI system will update the rate based on suggestions made by the revenue department.
How Can I Pay Goa Stamp Duty?
The registration process requires the payment stamp duty using the methods below.
- Buying stamp paper: In Goa, this is the most popular and practical method of paying stamp duty. An authorized individual can sell you a stamp paper that contains all the information about the real estate transaction. You must turn in the stamp paper to the sub-registrar in the state registration department within four months of the date of issuance.
- By franking, both parties sign a property agreement on a plain. Subsequently, the authorized bank receives the agreement and documents it further using a franking machine. Also, banks charge franking charges. Generally, franking charges are 0.1% of the property value.
- E-Stamping: By going to the Document Registration website in Goa, stamp duty fees may be paid via the Internet. The website calculates the stamp duty, payable with a debit card, credit card, or net banking facility.