E-payment of Stamp Duty: Maharashtra Govt. Goes for It

With the motto to renovate the entire stamp duty collection system, Maharashtra Government has decided to permit e-payment of stamp duty.

Now those who buy property in Mumbai need not go from office to office. They will be able to pay the stamp duty or the property tax through e-payment system. The customers will have the access to pay the property tax through some authorized banks.

The Maharashtra State Government has introduced e-payment system for all the property taxes above Rs.5000. The government will soon withdraw all stamp papers above Rs.5000 from the state. This will be the first step towards renovating the stamp duty collection system.

The pilot launch of the e-payment system will be done in Mumbai and Pune. Once the system gets popular in these cities, the system will be introduced in the other cities.

Under the e-payment, the customer can pay the property tax in the bank counter. The bank official who is assigned with this task will hand over a digital bill to the customer. This digital bill, called Electronic Secure Bank and Treasury Receipt (eSBTR), is more or less similar to the traditional stamp paper. In fact it does the work of a stamp paper.

The officials close to the development said that e-payment system is less viable to falsifying. The digital bill or the paper is given a number which is entered in the online database system. So by the serial number the officials can find out the originality of the paper as well.

The e-payment system will shorten the troubles of all who engage into any sort of property transactions. They will spare their time and money. All the more the property transactions will be less viable to falsifications. All these are considered as the advantages of e-payment system which is expected to be introduced by other states as well.

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