The Stamps and Registration department is continuing its impressive run in terms of revenue generation to the government, registering monthly revenue in excess of ₹ 1,200 crore during the current financial year.
The department has become the third biggest revenue generation source to the government after Excise and commercial taxes, earning ₹ 1,350.57 crore in April, ₹ 1,241.85 crore in May and ₹ 985.13 crore in the first three weeks of the current month with few more days to go. The department was one of the major sufferers on account of Coronavirus (COVID-19) pandemic in 2020-21, reporting just ₹ 21.01 crore on April, ₹ 193.92 crore in May and ₹ 457 crore in June.
It has, however, improved its performance last fiscal reporting ₹ 722.89 crore during April, May (₹ 228.5 crore) and June (₹ 674.43 crore) when the restrictions imposed on account of COVID-19 pandemic were relaxed in a phased manner.
Thanks to the real estate boom, particularly in the districts abutting Greater Hyderabad Municipal Corporation limits like Medchal-Malkajgiri, Ranga Reddy and Sangareddy, the department reported ₹ 12,372 crore revenue during the year, falling just short of the targetted revenue of ₹ 12,500 crore. The achievement assumes significance as there was no impact of upward revision of registration charges and market value early last year.
The government had set a target of ₹ 15,600 crore during the current year and the department is steadily on course to achieving it, senior officials said. This was indicative from the fact that the department had been clocking revenue of over ₹ 1,200 crore in the first two months and there are still few more days for the current month to end.