Bengal extends stamp duty rebate, circle rate reduction till June 2024

MP | 29 Sept 2023 | Kolkata: To extend further relief to home buyers, the state government has extended the two per cent rebate on stamp duty and the 10 per cent reduction of circle rate till June 30, 2024. 

In a notification issued by the state government, it informed that in the interest of the public service, particularly, to extend relief to home buyers, it has been decided by the government in the Finance (Revenue) department to further extend the benefits of rebate on stamp duty and reduction of circle rates till June 30, 2024. 

The state government had first implemented such a move in October 2021 considering the economic slowdown due to Covid-19 pandemic. 

Thereafter, the relief was extended in several phases and as per the last order it was extended till September 30, 2023. However, with the new extension, both the public and the real estate industry have lauded the state government for its prudent decision. 

Commenting on the development, Sushil Mohta, president, CREDAI West Bengal, and chairman of Merlin Group, issued a statement which read: “The benefit extended is like oxygen and as rock-solid support of the State Govt. in the form of the reduction in stamp duty by 2% and IGR value by 10%. 

The extension will help the real estate industry to revive considerably. The further extension till June 2024 will boost the segment a great deal. It is indeed a Puja gift from our Honourable Chief Minister.” 

“This extension of the stamp duty and IGR from the state Govt would further encourage a lot of real estate buyers to close their transaction; moreover, a lot of old customers are likely to register their properties who have not done their registration since the last two decades. 

Therefore, it will be a win-win situation for the state Govt as well for adding revenue to the state exchequer.” Elaborating on why the move has come as a relief, Mohta’s statement read: “The real estate industry has been struggling since covid times. 

However, it managed to survive because of the continuous support from the State Govt for the last 2 years in terms of 2 per cent rebate in stamp duty and 10 per cent rebate circle rate. But the increase in interest rate and huge increase in cost of raw material, construction cost has gone higher and cost of residential and commercial units for consumers have gone up. 

Moreover, the Real Estate industry has to pay taxes like GST and there is no input credit in GST benefit either.” 

https://www.millenniumpost.in/bengal/bengal-extends-stamp-duty-rebate-circle-rate-reduction-till-june-2024-534793