The State government expects an additional revenue of Rs. 840 crore following the revision of guidance value of properties. This includes Rs. 614 crore in Bangalore Urban district, in the form of increase in registration fee and stamp duty.
In reply to an unstarred question of H.D. Revanna (JD-S) in the Legislative Assembly, Minister for Revenue V. Srinivas Prasad said the guidance value has been increased in 25 districts on an average of about 30 per cent, while the process is on in the remaining five districts.
In 2013-14, a revenue of Rs. 6,500 crore has been fixed as target for the Department of Stamps and Registration. The government proposes to create a dedicated valuation cell in the State with adequate staff so as to continuously monitor market value and advise the government on revision of guidance values. It has been proposed to have a MoU with the airport authority, port authority and banks to collect additional revenue from stamp duty on instruments relating to import of goods.