The Inspector General of Registration (IGR) office has expedited the refund process for over 4,000 property buyers in just four months, easing the burden of those who mistakenly paid additional stamp duty.
Efficient Refunds for Property Buyers
In a significant development, the Inspector General of Registration (IGR) and Controller of Stamps Office have successfully processed refunds for more than 4,000 property buyers within the past four months. These buyers had inadvertently paid extra stamp duty during online transactions and initiated the refund process, typically known for its complexity and lengthy duration.
Application Process Simplified
Applicants can seek refunds either through hard copy applications or via a dedicated online module introduced by the department. This streamlined approach allows citizens to enter their refund data, modify if necessary, and submit the required affidavit to obtain a refund ID number. The system provides transparency, enabling applicants to track the status of their applications online and via SMS.
IGR’s Dedication to Timely Processing
Santosh Hingane, the head of the stamps department overseeing refunds, emphasized the department’s commitment to reducing application backlogs. Efforts are underway to ensure swift processing, with the ultimate goal of crediting all refunds directly into the payee accounts promptly.
Stamp Duty Refund Regulations
The IGR rules stipulate that applicants can claim a stamp duty refund within six months from the registration date. In Maharashtra, the government may withhold 1% of the stamp duty, ranging from ₹200 to ₹1000. If a deal is canceled, applicants have a two-year window from the registration date to seek a refund. Buyers are entitled to a reimbursement of up to 98% of the paid stamp duty, provided they submit the original registered cancellation deed and agreement.
Online Payment and Government Regulations
Stamp duty payments are mandated under the Registration Act of 1908, and additional charges can be paid online through the Government Revenue and Accounting System (GRAS). The new system not only simplifies the refund process but also enhances overall transparency and efficiency in property transactions.
The IGR’s proactive measures have not only alleviated the burden on property buyers but have also set a new standard for efficiency and transparency in the realm of stamp duty refunds. The streamlined application process and adherence to regulations ensure a seamless experience for citizens.