APCCIF has appealed to Revenue Minister

Vijayawada, June 25: The APCCIF president M. Murali Krishna has appealed to Minister for Revenue and Stamps and Registration K.E. Krishna Murthy to bring down the stamp duty and registration fee from the present 7.5 % and make it at par with other States.

It has also urged him to reduce the duty on registration of deposits of title/mortgage deeds and hypothecation of plant and machinery to a maximum of Rs. 5,000 and Rs. 10,000 respectively from Rs. 50,000 and Rs. 2 lakh.

In a letter to Mr. Murthy, Andhra Pradesh Chambers of Commerce and Industry Federation( APCCIF) president M. Murali Krishna stated that the government could revise the basic value of land in a realistic manner in view of the sluggishness in the real estate market caused by demonetization.

When large extents of land in the vicinity of layouts are registered by industrialists, the values (of land) are calculated by the sub-registrars on square yard basis at the rates applicable for small plots in developed layouts.

The Registration Department should be instructed to value such lands on the basis of a rate per acre, taking into account development, conversion, and other costs, and adopt the procedures followed by the A.P. Industrial Infrastructure Corporation Limited.