Mumbai, Mar 16 (IANS): The Maharashtra government has issued a notification extending the Stamp Duty Amnesty Scheme 2023 till June 30 this year.

It was necessitated as the term of the scheme was expiring on March 31.

"And whereas, the government of Maharashtra considers it expedient to amend the said order so as to extend the period of the second phase from March 1 till June 30, 2024, for the said Amnesty Scheme-2023," the notification said.

According to the Stamp Duty Amnesty Scheme, the insufficiently paid documents will be certified by the department as properly paid under the scheme.

The beneficiaries are required to apply under the scheme on an online and offline basis.

The department will collect the stamp duty as applicable on the date of execution of the documents by offering relief in the stamp duty amount as well as penalty depending on the period at which such documents were executed and the date on which the application has been filed by the beneficiary to avail the benefit of the scheme.

Penalty of two per cent per month or part upto 400 per cent penalties are levied on stamp duty due.

The waiver is granted based on the date of application and the date of the agreement and stamp duty due.

All instruments related to transfer of immovable property under Maharashtra Stamp Act, 1958, whether registered or not, whether residential, non-residential, industrial, agricultural and non-agriculture are covered in the Amnesty Scheme. The Schedule I comprises instruments executed between January 1, 1980 to December 31, 2000, and Schedule II executed between January 1, 2001 to December 31, 2020.

Earlier, the state government on January 31 this year had extended the term of the Stamp Duty Amnesty Scheme up to March 31 this year in the wake of low mobilisation of revenue.