State government has decided to give five per cent tax rebate in land purchasing and 10 per cent house purchasing to motivate the buyers and investors.
This was decided in group of ministers meeting held at Mantralaya here on Thursday which was chaired by home and health minister Dr Narottam Mishra and tribal welfare minister Meena Singh.
A three-member ministers’ committee was formed to discuss issues related to financial loss and its redresses. The third member, food and civil supplies minister Govind Singh Rajput was not present in the meeting.
Dr Mishra informed that earlier it was decided not to increase property rate in the state till June 30 of the financial year 2019-2020.
But now from July 1 for the financial year 2020-21 the property rate are reduced to motivate the buyers and investors. Now the buyer have to pay the less amount of stamp duty of five per cent on land purchase and 10 per cent less on building (house and others) purchase.
On Friday in the second phase the discussion on the revenue loss reported in excise and in mining will be discussed.