Non-revision of Annual Statement of Rates (ASR) or jantri rates since the last five years, in contravention to government resolution to do so every year, has led to a huge revenue loss to the government, CAG pointed out in its report. The state government had announced jantri or ready-reckoner rates for land for ascertaining stamp duty and other levies in 2011. “However, due to non-revision of ASR, the government had foregone an opportunity for revenue realization which is based on current market value of immovable properties,” it said. The auditor also cited several instances where the government had lost revenue worth crores by way of lower stamp duty and land premium due to unrealistic jantri rates. CAG also found discrepancies in the survey process for ascertaining market value of properties as per ASR.

Source: dna March 29, 2018 01:18 UTC