An edition of Stamp duties in Indian states (2004)

Stamp duties in Indian states

a case for reform

Stamp duties in Indian states
James Alm, James Alm
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Last edited by MARC Bot
December 11, 2020 | History
An edition of Stamp duties in Indian states (2004)

Stamp duties in Indian states

a case for reform

"Alm, Annez, and Modi review the options for reform of stamp duties on immovable property transfers collected by Indian state governments. After briefly reviewing some of the many administrative difficulties experienced with the tax, they turn to an examination of its economic impacts. A review of stamp duties internationally indicates that Indian rates are exceptionally high, at rates often above 10 percent. Most countries' rates are less than 5 percent, including a number of low and middle-income developing countries. With these high rates, the authors find that while the tax has become the third largest revenue source for many Indian states, it imposes high compliance costs on taxpayers, has been subject to a good deal of evasion and fraud, and the distortionary impacts appear to be large, reducing the responsiveness of real estate markets in Indian cities by discouraging transactions essential to the efficient growth of cities. The authors then study the revenue implications of lowering stamp duty rates, which need to be understood if reform is to be viable. Evidence indicates that the current high duty rates, coupled with weak tax administration, lead to widespread evasion of the tax through underdeclaration. This underdeclaration of property values directly affects collection of other taxes, among them, property taxes and capital gains tax. Moreover, it indirectly affects the collection of all taxes through the impact of underdeclaration on the circulation of black money. Simulations indicate that revenues lost due to a lowering of stamp duty rates closer to international levels are quite likely to be recovered in higher collections of other taxes. However, these taxes would at least in part be collected by other levels of government. So reform could be made a more viable option through appropriately designed intergovernmental transfers. This paper a joint product of the Energy and Infrastructure Sector Unit, South Asia Region, and the Urban Unit, Transport and Urban Development Department is part of a larger effort in the Bank to to assess the impacts of alternative tax systems in urban finance"--World Bank web site.

Publish Date
Publisher
World Bank
Language
English

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Book Details


Edition Notes

Includes bibliographical references.
Title from PDF file as viewed on 9/23/2004.
Also available in print.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.

Published in
[Washington, D.C
Series
Policy research working paper ;, 3413, Policy research working papers (Online) ;, 3413.

Classifications

Library of Congress
HG3881.5.W57

The Physical Object

Format
Electronic resource

ID Numbers

Open Library
OL3390402M
LCCN
2004620077

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December 11, 2020 Edited by MARC Bot import existing book
July 29, 2012 Edited by VacuumBot Updated format '[electronic resource] :' to 'Electronic resource'
December 12, 2009 Edited by WorkBot link works
October 31, 2008 Edited by ImportBot add URIs from original MARC record
April 1, 2008 Created by an anonymous user Imported from Scriblio MARC record