Nets Rs.6,619.98 crore against target of Rs.6,492 crore
The State Registration Department crossed its collection target for financial year 2011-12 while the Commercial Taxes Department missed it by a small margin.
According to official sources, the Registration Department ended the year collecting Rs.6,619.98 crore against the target of Rs.6,492 crore. It is almost Rs.1,600 crore more than the previous year's collection of Rs.5,020.50 crore, marking an increase of 31.86 per cent. The number of documents registered during the period rose by 7.25 per cent from 32.81 lakh to 35.18 lakh.
The spurt in collections could be mainly attributed to the last-minute rush to register property transactions before the revised guideline values came into effect on April 1.
The other reason was the one-time ‘samadhan' settlement scheme, which was in force for three months. Through the scheme, the department earned nearly Rs.140 crore and enabled nearly 24,000 people to get back their documents, which were withheld pending the adjudication of actual stamp duty.
Registrations touched an all-time high in the month of March owing to the fear of change in guideline values, officials said.
The month fetched them Rs.879.60-crore revenue as against Rs.531.27 crore in the corresponding month last year. As many as 4.13 lakh documents were registered during this period compared to 3.33 lakh the previous year.
Regarding commercial taxes, official sources said they were able to mobilise Rs.39,544 crore against Rs.31,117 crore for the corresponding period last year, marking an increase of 26.84 per cent.
The target for 2011-12 was Rs.41,000 crore.
The collection fell short by Rs.1,456 crore.
“We started revenue augmentation measures since July 2011. The target was slightly higher, but setting aside the collection, we have done better than other States.
“We have shown nearly 27 per cent increase, while Andhra Pradesh has registered growth rate of 19 per cent, Karnataka 22 per cent, Gujarat 19 per cent and Maharashtra 20 per cent,” the sources said.