The Maharashtra Mudrank Shulakh Abhay Yojana 2023 (stamp duty amnesty scheme) was announced by the state administration, which is led by Chief Minister Eknath Shinde and Deputy Chief Minister Devendra Fadnavis, during a recently held cabinet meeting.
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Making the announcement, the state government of Maharashtra issued a statement. The entire stamp duty and penalty that must be paid to the Revenue Department for deeds executed between January 1, 1980, and December 31, 2020, but which are not filed or registered, shall be waived under the Abhay Scheme, read the statement.
The exact percentage of the penalty fines that will be waived is unclear. The program is designed to make life easier for housing societies and citizens.Maharashtra Societies Welfare Association Chairman Ramesh Prabhu believes the government will only grant a reduction on the penalty amount and not a complete waiver, despite the government's announcement during the cabinet meeting that it will waive both the penalty and stamp duty payments. According to Prabhu, the Maharashtra Stamp Act of 1958 requires that any outstanding stamp duty fees be paid.
The Revenue Department will offer the scheme in two parts. The program will be implemented in two phases: the first phase will begin on December 1, 2023, and run through January 31, 2024; the second phase will start on February 1, 2024, and run through March 31, 2024. Both phases' specifics have not yet been released.
Housing societies will benefit from it as they can obtain documents that were not properly stamped under the regulations and also benefit from the Deemed Conveyance.Prabhu praised the action, stating that it will help exempt fines on registered or unregistered documents by up to 400%.
Prabhu, explaining everything said that suppose that twenty years ago, a document was registered but not stamped, and the stamp duty at that time was, say, INR 1 lakh. If someone wants the documents stamped right away, there will be a penalty of two percent per month which will add up to a sum that is significantly more than the original stamp duty fees.
Since the amnesty program has been implemented, there may be some reduction in the penalty amount, which will encourage individuals and members of housing societies to register for stamp duty, he further added.Pending Cases In Maharashtra
The majority of the 2.32 lakh cases involving stamp duty disputes in Maharashtra date back to the 1980s and concern stamp duty paid on registered properties. The penalty imposed on the disputed amount of INR 1,000 crore is approximately INR 1,800 crore.
The Revenue Department is thinking of introducing the amnesty program in two stages to speed up the recovery and eliminate pendency.
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