To revive the ailing real estate sector, the West Bengal government has announced a two percent reduction in stamp duty rates and a 10 percent reduction in the circle rates.
While announcing the State’s Budget for ongoing Financial Year 2021-22, the West Bengal government offered a two percent rebate on stamp duty for registration of deeds and slashed the circle rates by 10 percent. The announcement has come as a breather for the real estate industry. As averred by Devdutta Basu, Financial Analyst, the move will immensely help the sector during the distressed times.
In addition to the reduction in the stamp duty rates, the State government has decided to extend the one-time exemption of motor vehicle tax for the period starting from July 1, 2021 to December 31, 2021. Also, the government has announced its new policy by the name of Lakshmir Bhandar to support the women of a household. Under the new scheme, Rs 1,000 and Rs 500 will be provided to the every woman belonging to SC/ST households and General category, respectively. The money will be transferred directly to their bank accounts.
While the Budget was tabled for Rs 3.08 lakh crore, home and hill department was allocated Rs 11,940 crore as compared to Rs 1,299 crore last year. Health and education were some sectors that received special emphasis.