Nagpur, Dec 17 (IANS): Chief Minister Devendra Fadnavis on Tuesday presented a bill in the Assembly to amend the Maharashtra Stamp Act, 1958, to increase the stamp duty on affidavits, agreements, and related documents to Rs 500 from the present Rs 100.

The amendment, proposed on the lines of Karnataka, also increases the stamp duty on share capital to Rs 1 crore from the present Rs 50 lakh.

The state government, ahead of the Assembly election, had issued an ordinance to increase the stamp duty on October 14 as both the houses of the legislature were not in session. The state cabinet, chaired by then Chief Minister Eknath Shinde, had cleared the amendments at the meeting held on September 30.

"Schedule I to the Maharashtra Stamp Act is amended to simplify the charge ability under the various articles and in general wherever Rs 100 is provided, it is substituted by Rs 500. Article 4 is amended to charge a minimum stamp duty of Rs 500. Affidavit needs to be executed before government or semi-government bodies are brought into the purview of this Article. Article 10 is amended to increase the stamp duty rate and maximum limit on share capital and increased share capital," reads the bill.

Further, Article 47 is amended to change the minimum stamp duty of Rs 500 and a maximum of Rs 50,000 for the instrument of partnership and to change the stamp duty of Rs 500 in case of dissolution of partnership. Articles 52 and 58 are amended on the lines of the general amendment to charge a stamp duty of Rs 500 instead of Rs 200.

According to the Revenue Department, the amendments to the Maharashtra Stamp Act will help increase the revenue from the stamp duty and registration to the tune of almost Rs 2,000 crore. Stamp duty and registration are one of the major sources of revenue mobilisation after the state GST. In 2023-24, the state had mopped up Rs 40,000 crore through stamp duty and registration.