Mumbai: Govt has proposed raising the penalty for underpaying stamp duty from Rs 5,000 to up to Rs 1 lakh. CM Devendra Fadnavis said the move is aimed at discouraging the execution of instruments with insufficient stamp duty and strengthening compliance. Stamp duty is one of the state’s key revenue sources, particularly from property registrations. In Maharashtra, it typically ranges from 5% to 7% of a property’s value, depending on the location and the type of transaction. In recent months the scrutiny of high-value property deals has been stepped up to detect shortfalls in stamp duty payments. Officials said stricter penalties are expected to act as a deterrent. —Chittaranjan Tembhekar
