Mizoram Boosts Revenue with Increased Stamp Duties

The Mizoram government has generated over Rs 8 crore from stamp duties and land registration fees in the first eight months of the current fiscal year. The state assembly passed a bill to increase stamp duties from 1% to 3%. An online tax payment system will be expanded beyond the Aizawl Municipal Corporation area.

Mizoram's government reports a significant revenue collection of over Rs 8 crore from stamp duties and land registration fees within the first eight months of this fiscal year, as per an official statement. This was discussed during a meeting led by Chief Minister Lalduhoma, focusing on Land Revenue and Settlement and Food, Civil Supplies, and Consumers Affairs departments. Revenue Secretary Vanlalmawia confirmed that Rs 8.58 crore have been collected up to November.

In a recent legislative move, the state assembly approved the Indian Stamp (Mizoram Amendment) Bill, 2024, aimed at increasing stamp duty from 1% to 3% on transactions such as property purchases, bank mortgages, and gifts, detailed by Land Revenue and Settlement Minister B. Lalchhanzova. Additionally, plans to establish a revenue court in the state are under consideration.

Beyond these fiscal measures, the government seeks to broaden the online tax payment system, previously implemented in the Aizawl Municipal Corporation area in 2022, to all districts by the next fiscal year. The revenue department is also working on modernizing its Record of Rights — transitioning from the Land Settlement Certificate to a computerised system.

(With inputs from agencies.)