In an attempt to speed up the property tax payments, Maharashtra Government has launched e-payment of stamp duty. The buyers will now be able to pay the stamp duty in an authorized bank.
One of the most tiring things in any of the property deals is the difficulty in paying the property tax to the government. The one who purchases a property will have to run hither and thither to pay the property tax. Buying a stamp paper, he starts his rotation starting with the treasury and extend to many other offices. However with the e-payment all these hassles have vanished into thin air.
With the provision of paying stamp duty via e-payment, the buyers feel that all their troubles have vanished in to the air. Now they need not run from pillar to post for paying off the stamp duty.
Maharashtra government recently decided to go online for stamp duty. However, as a first step towards implementing the system in the entire state, e-payment system will be applied first in Mumbai and then in Pune, the top two cities in the state.
Once these two cities successfully follow the new system then it will be implemented across the state. However this system will be applicable only for those transactions which are above Rs.5000.
The government plans to take away all the Rs.5000 and above stamp papers from the state. Additionally this digital billing or e-payment is believed to be more transparent and clear. It is less viable to falsification.
Under the e-payment system, the customers can pay the stamp duty in an authorized bank. The official of the bank will provide a digital bill to the customer. The bill will look like a stamp paper. In fact it does the job of such a paper.
The bank official will note down the documents provided by the customer in a web database. Additionally the number of the bill and the paper used for the bill etc. will also be entered. So by checking these, the authority will be able to identify whether the bill is real or fake. SO it will provide more convenience and less chance to fear about the fake transactions.