- Government / Revenue
Bhopal: In a move poised to significantly increase government revenue, the Madhya Pradesh Assembly has passed the Indian Stamp (Madhya Pradesh Second Amendment) Bill. The new legislation will make stamp duties for various legal documents and transactions up to five times more expensive, effective immediately.
The increase, which was passed in the house on Wednesday, will impact a wide range of administrative and property-related processes. The revised rates are a sharp increase from the previous fees, placing a heavier financial burden on citizens for legal paperwork.
New stamp duty rates
Here is a breakdown of the new stamp duty fees compared to the old ones:
Document/Transaction Old Rate (Rs) New Rate (Rs) Affidavits 50 200 Agreement for Immovable Property (without possession) 1,000 5,000 Development Agreements (contract value up to ?50 lakh) 500 1,000 Consent Deeds 1,000 5,000 Document Rectification 1,000 5,000 Revolver/Pistol License 5,000 10,000 License Renewal 2,000 5,000 Partnership Deeds 2,000 5,000 Power of Attorney (single transaction) 1,000 2,000 Power of Attorney (multiple transactions) 1,000 5,000 Trust Property 1,000 5,000 3333
