Visakhapatnam: Revenue from the stamps and registration department is still to register any significant growth after nearly 10 months of the demonetisation drive and restrictions on the usage of cash.
On the contrary, there has apparently been a drop in the generation of revenue by the department in Vizag region. The eight sub-registrar offices in Vizag have managed to collect Rs 38.85 crore in August 2017 against the target of Rs 44.14 crore. While in July, over 5,000 documents were registered, in August the number of documents registered was little over 4,100.
Several factors have been determined to be responsible for the fall in revenue collection which solely depends on property registrations.
The land scams in Vizag, imposition of GST and restrictions on use of cash in transactions over Rs 2 lakh were among the major reasons for lower property registrations, said G.V.V.S. Narayana of CREDAI, Vizag chapter.
Sources said that in the first quarter of 2017-18 fiscal year, there has also been a significant drop in the revenue generated by the Stamps and Registration Department. Officials said that they could only achieve 92 per cent of the target of 5,309 for the previous fiscal.
A senior officer said that taking the various factors into consideration, the government had, in fact, cut down the revenue target for the department for the current fiscal at just Rs 551.5 crore for Vizag district.
