Stamps & Registration department unlikely to meet revenue target

The Stamps and Registration department is likely to fall short of its budgetary target by around Rs 1,300 crore for the current financial year due to decline in property registrations.

However, other major resources generating departments of the state government - Commercial Taxes, State Excise  and Transport will meet their budgetary target set for
2016-17.

With less than two weeks to go for the presentation of state budget proposals for 2017-18, Chief Minister Siddaramaiah on Friday held a review meeting with top officials of the four revenue generating departments.

According to sources, the Stamps and Registration department will fall short of its budgetary target of Rs 9,100 crore by 15%. The reason is not just demonetisation. The decline in property registrations commenced much before demonetisation. It began in October last with the lakebed encroachment clearance drive hitting the sale of apartments in a big way, the sources said.

Commercial Taxes is all set to meet its target (Rs 51,338 crore), State Excise (Rs 13,420 crore) and Transport (Rs 4,300 crore).  Siddaramaiah will be presenting his 12th budget (a record in the state) on March 15.