AIADMK Urges DMK Government to Rescind Stamp Duty Hike

AIADMK's Palaniswami condemns DMK's hike in stamp duty, calling it a "commemorative" of their inactivity. The duty increase, ranging from 10 to 33 times, affects various transactions including adoption deeds and power of attorney documents. Palaniswami criticizes the DMK government's financial management, citing heavy borrowing, increased property taxes, and electricity tariffs. He also demands the government revert to the old guideline value for property registration as per a court verdict.

PTI | Chennai | Updated: 12-05-2024 14:06 IST | Created: 12-05-2024 14:06 IST
AIADMK Urges DMK Government to Rescind Stamp Duty Hike
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AIADMK general secretary Edappadi K Palaniswami on Sunday demanded that the Chief Minister M K Stalin withdraw a notification effecting a multi-fold hike in stamp duty.

Condemning the rise in stamp duty, Palaniswami, the leader of opposition, mockingly dubbed the move as a ''commemorative'' of the DMK's ''inactive regime'' during the past three years.

Effective May 3, 2024, for 26 transactions, including adoption deed and power of attorney document, the ''inept'' DMK government has increased stamp duty ''between 10 and 33 times,'' the AIADMK chief said in a statement. A Government Order dated May 8 notified the increase.

Hitting out at the DMK government led by CM Stalin as one that ''does not understand fiscal management,'' Palaniswami said the state government has already burdened the people by borrowing about Rs 3.5 lakh crore since 2021, when it assumed power.

Citing increase in property tax to the tune of about ''150 percent'' levied by local bodies and the hike in electricity tariff upto ''52 percent'' and increase in taxes under heads such as drinking water, the former Chief Minister accused the DMK regime of burdening people because of its administrative inefficiency.

The government has not implemented the Madras High Court's judgment that quashed the revised guideline value of properties for registration and the state government must revert to the old guideline value (2017) and follow the court verdict, he said.

Guideline value fixed by the government is the approximate market value as per its estimates for land properties in specified areas. Stamp duty/registration fee are reckoned based on the guideline value.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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