Telangana Government to Introduce Online Payment of Stamp Duty Soon

Published: 22nd October 2015 05:00 AM  |   Last Updated: 22nd October 2015 05:01 AM   |  A+A-

HYDERABAD: In what will be a complete makeover of the existing system, soon payment of stamp duty and other fees during transactions relating to registration of properties, will be completely made online.

Telangana registration department officials are planning to introduce online system for payment of stamp duty and other fees, during property registrations. Already officials have prepared a detailed report for introducing online system and will submit a proposal to the government for approval in a week.

If the online system is introduced, then property sellers or buyers need not go to bank and can directly pay the stamp duty through online banking or by even using debit card. This will be a major initiative which will completely transform the way transactions are being done during registrations. The new initiative also needs the approval of finance department and it might take couple of more months for all the procedures to be completed, said a senior official from Registration and Stamps Department.

Officials are in talks with the State Bank of India to work out modalities for online system and if the new system is implemented then the present system of making payments manually through bank Demand Drafts and chalans will be a thing of past.

Under the system an account in the name of Inspector General, Registration Department will be opened and all those who have to pay the required stamp duty and other fees during registrations can directly make payments to that account from anywhere through online. Besides ensuing easy and quick completion of registrations, the online system will also benefit registration department in ensuring transparency and maintenance of amount accrued from registration transactions.

Right now sub-registrar offices have accounts with local banks in their vicinity. As a result different sub-registrar offices have accounts with different banks. Also people who pay stamp duty have to pay only at that bank. As a result completing a registration transaction takes time.

But if only one bank is selected as centralised bank for making payments for all registrations charges and a single account is maintained, then the whole process would become easier. ‘’Not just the people even officials will be benefited as we can readily get figures about registrations and collections on any day at any point time,’’ the official said.

Stay up to date on all the latest Hyderabad news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp