(MENAFN- Khaleej Times) The state cabinet on Wednesday approved a recommendation made in this regard by a sub-committee of the cabinet.
The Kerala government has upwardly revised the fair value of land by 50 per cent as part of its attempt to mobilise additional resources to tide over the financial crisis crippling the state.
The state cabinet on Wednesday approved a recommendation made in this regard by a sub-committee of the cabinet.
Chief Minister Oommen Chandy told reporters after the cabinet meeting that the measure would bring in additional revenue of Rs5 billion.
The present fair value of land was fixed in 2010. The revision was recommended by the sub-committee considering the increase in market value of land in the past three years.
The revision of the fair value would lead to an increase in registration fees.
The cabinet has also decided to remove the ceiling on stamp duty for registration of partition gift release and settlement of deeds. The current ceiling is Rs1000.
Now one per cent duty on value of property would apply to partition and release deeds and two per cent on gift and settlement deeds without any ceiling.
The cabinet did not entertain demands for a review of these revisions in stamp duty.
Similarly the hike proposed in land tax (150 per cent) and plantation tax (100 per cent) will also stay the chief minister said.
These were part of the resource mobilisation measures proposed earlier in order to raise additional revenue of a little more than Rs20 billion. The government has kept the revision on liquor tax in abeyance.
The ordinance for effecting the hike was held up by the government in view of the case pending in the high court against the government decision to shut down the liquor bars below the five star category.
A division bench which has completed hearing on a batch of petitions filed by the bar owners has reserved its order. The Supreme Court has allowed the bars to function until the high court passes the order.
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