Mumbai: In a significant move, the Maharashtra government has amended the Maharashtra Stamp Act, 1958, increasing stamp duty charges across various documents, including affidavits, agreements, and corporate transactions. The ordinance, approved by the state cabinet led by Chief Minister Eknath Shinde on September 30, 2024, aims to raise the revenue from stamp duty by approximately Rs.2,000 crore.
The revised rates took effect immediately. For instance, documents like affidavits and agreements, which previously attracted a Rs.100 stamp duty fee, now require Rs.500. This change aligns Maharashtra’s stamp duty rates with other states like Karnataka, enhancing simplicity and uniformity in stamp collection procedures. Similarly, the duty on share capital has been doubled from Rs.50 lakh to Rs.1 crore, reflecting the government’s approach to modernize and align these fees with the current market values.
Work contracts valued up to Rs.5 lakh will now incur a flat rate of Rs.500, while contracts exceeding this amount will be charged at 0.3%. This adjustment reflects a move towards proportional stamp duty based on the financial scale of contracts and corporate transactions.
The Maharashtra revenue department expects the revised rates to significantly increase collections, surpassing the Rs.40,000 crore achieved in the 2023-24 period, aiming for a new target of Rs.60,000 crore.
