In a commendable feat of efficiency and transparency, the Inspector General of Registration (IGR) and Controller of Stamps Office recently achieved the remarkable task of refunding excess stamp duty to approximately 4,000 property buyers within just four months. This achievement signifies a significant departure from the conventional lengthy and laborious refund process, which often took a minimum of two years to reimburse the surplus funds to the buyers.
The backstory to this achievement lies in property buyers who unintentionally overpaid stamp duty during their online transactions. Recognizing the error, the IGR swiftly initiated the refund process, streamlining it with a newly developed and easily accessible module. This module not only simplifies the refund application process but also offers online data entry for stamp or registration fee refunds, eliminating the need for document registration.
Using this user-friendly module, applicants can efficiently and transparently input their refund application data, make necessary adjustments, and submit the required affidavit to obtain a refund ID number. Furthermore, applicants can conveniently track the progress of their applications through online and SMS notifications and access duplicates of any correspondences or directives issued by the authorities regarding their refund requests.
The final approval for amounts exceeding ₹1 lakh and the issuance of refund cheques are handled by the top IGR officials at the headquarters. Additionally, in compliance with IGR regulations, property buyers in Maharashtra have a six-month window from the date of registration to request a stamp duty refund.
In the event of a deal cancellation, government regulations permit the retention of 1% of the stamp duty, with a minimum of ₹200 and a maximum of ₹1000. However, buyers remain eligible for a refund within two years from the registration date, subject to the submission of the original registered cancellation deed and original registered agreement. Buyers can potentially receive a refund of up to 98% of the stamp duty paid.
Stamp duty payment is mandatory under the provisions of the Registration Act of 1908. Additionally, various other relevant fees can be conveniently settled online via the Government Revenue and Accounting System (GRAS) into the Virtual Treasury.
