The Maharashtra government has taken a significant step to safeguard state revenue by introducing a bill in the Legislative Assembly to amend the Maharashtra Stamp Act. Revenue Minister Chandrashekhar Bawankule presented the bill, emphasizing that no refund or concession of stamp duty will be granted if a development agreement is cancelled. The proposed amendment aims to prevent misuse of existing provisions and ensure uniform implementation of stamp duty rules across the state.
The bill seeks to insert a specific explanation in Section 48 of the Maharashtra Stamp Act to address the issue of cancelled development agreements. This change is crucial to tackle the administrative challenges posed by a surge in refund claims due to agreement cancellations. Stamp duty, charged on document execution, was leading to revenue loss and potential misuse of concessionary provisions through refund grants.
The amendment includes a clear explanation after the proviso in Section 48, clarifying that relaxation or refund provisions will not apply to development agreements or similar instruments attracting the same stamp duty rate. This amendment is designed to close existing loopholes and ensure that benefits are not extended in such cases. Revenue Minister Bawankule highlighted that the amendment is expected to enhance transparency and efficiency in the real estate sector and stamp duty administration, strengthening revenue protection and legal clarity.
