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Chennai , Nov. 21

STAMP duty rates for registering property transactions have been slashed to a uniform 8 per cent across Tamil Nadu.

Earlier, it was 13 per cent in urban areas and 12 per cent in rural areas, both inclusive of a 5 per cent surcharge. An order issued by the Tamil Nadu Government said the new rate, which includes a 2 per cent surcharge, is effective from today, according to official sources.

The reduction follows the recommendation of the Tax Reforms and Revenue Augmentation Commission, which had recommended doing away with the differential rates. The sources said the revenue loss would be offset by more registrations.

The Government has estimated revenue of Rs 1,278.61 crore for this year from stamps and registration, of which as of September 30, it has earned Rs 676.24 crore.

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