Pune: In a move aimed at streamlining stamp duties and boosting government revenue, the Stamp and Registration Department has announced an increase in fees for various types of agreements.

The new fees have been raised from ₹100 to ₹500, reflecting a significant adjustment in the existing system. The order regarding this increase was issued by Rajesh Kumar, Additional Secretary of the Government, on behalf of the Governor.

For several years, various agreements in the state had been executed with a nominal stamp fee of ₹100. However, as the prices of land, housing, and other properties have risen substantially over time, the government recognized the need to revise the stamp duty structure, which had remained unchanged.

This lack of adjustment had resulted in stagnating government revenue, prompting the recent fee hike.

Under the new regulations, the stamp duty for partnership deeds, legal settlements, work orders, private agreements, and other contracts has increased by 0.2% to 0.5%.

Specifically, companies entering into partnership agreements will now pay a stamp duty of 0.3% on a capital amount that has been raised from ₹5 million to ₹10 million.

Additionally, the revised stamp duty applies to claims resolved amicably between two parties or citizens. For amounts up to ₹5 million, a stamp duty of 0.75% will be charged.

For amounts ranging from ₹5 million to ₹50 million, the stamp duty has been set at 0.5%, while amounts exceeding ₹50 million will incur a stamp duty of 0.25%.

This comprehensive update aims to align the stamp duty fees with current market realities and enhance the state's revenue collection.