In a recent development, Chief Minister A. Revanth Reddy has called upon officials to undertake measures to reassess the market values of lands across the state of Telangana. Noting a significant surge in land rates in Hyderabad and various parts of the state, he highlighted a notable disparity: while land values have soared, the revenue generated by the state government through the stamps and registration department hasn’t seen a proportional increase. The Chief Minister attributed this gap to the substantial variance between the actual market value of lands and the government-prescribed rates.
Yearly Assessment of Land Values Urged
Expressing concern over the lack of revisions in land values for eight years following the formation of Telangana state, Revanth Reddy emphasized the necessity of adhering to the Indian Stamp Act, which mandates yearly revisions in land values. He directed the stamps and registration department to adopt a scientific approach to determining market values across different categories, including agricultural lands, vacant plots, and apartments.
Boosting Real Estate and Revenue
Highlighting the potential benefits of revising land market prices, Revanth Reddy underscored the role it could play in stimulating the real estate and construction sectors while concurrently bolstering state revenue. He proposed a thorough examination of stamp duties levied in other states to inform decisions on potential adjustments.
Efforts Against Tax Evasion
Addressing concerns regarding GST evasion, the Chief Minister urged officials to implement stringent measures to combat tax evasion, emphasizing the critical role GST plays in revenue generation for the state. He mandated regular field inspections and audits of tax collections to curtail evasion. Additionally, he appealed to traders to fulfill their GST obligations promptly, cautioning against non-compliance.
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Cracking Down on Irregularities
Revanth Reddy issued a stern warning against the recurrence of past mistakes and irregularities in the commercial tax sector, stressing the importance of maintaining integrity and transparency. He instructed officials to devise an action plan aimed at enhancing tax revenue and meeting annual targets, emphasizing the need for reforms in tax collection processes to eliminate loopholes.
In conclusion, Chief Minister Revanth Reddy’s proactive stance on reassessing land market values and combating tax evasion reflects a commitment to fostering economic growth and ensuring fiscal stability in Telangana.
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