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Mizoram Assembly passes bill to increase stamp duty

The bill, after its enactment, will curb the “increasing practice” of fixing land prices at “exorbitant rates”, as prices would be calculated based on the value chalked out by a valuation committee, Lalchhanzova said.

Ashesh Mallick Edited By: Ashesh Mallick @asheshmallick07 Aizawl Published on: March 01, 2024 22:42 IST
Mizoram CM Lalduhoma, Mizoram Assembly
Image Source : PTI Mizoram CM Lalduhoma

The Mizoram Assembly has passed a bill seeking to hike the stamp duty from 1 per cent to 3 per cent of the market value of a property. The Indian Stamp (Mizoram Amendment) Bill, 2024, was passed in the House by voice vote on Thursday. Earlier, the amendment bill was approved by the state cabinet on February 5. Land Revenue and Settlement Minister B Lalchhanzova said the maximum ceiling needs to be revised due to increase in prices of goods and services.

The bill, after its enactment, will curb the “increasing practice” of fixing land prices at “exorbitant rates”, as prices would be calculated based on the value chalked out by a valuation committee, Lalchhanzova said.

Mizoram Chief Minister Lalduhoma on Tuesday presented the first annual budget of the Zoram People's Movement (ZPM) government, announcing a total outlay of Rs 14,412.12 crore for the fiscal 2024-25.

The outlay is Rs 202.17 crore higher than the budget estimate of 2023-24.

The chief minister presented the supplementary demands for grants for the current fiscal, too, amounting to Rs 3,287.93 crore.

Lalduhoma, who also holds the finance portfolio, said 2024-25 will be a year of consolidation, and the priority will be to improve the state's fiscal health.

(With PTI inputs)

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