Punjab to reimpose 3 pc social security fund from April

The Punjab government will reimpose 3 per cent social security fund on registration of properties in urban areas from April this year, state revenue minister Sukhbinder Singh Sarkaria informed the Assembly Thursday.

Replying to a question of former finance minister and SAD MLA Parminder Singh Dhindsa during Question Hour, Sarkaria attributed waiving of 3per cent social security fund for two years to non-achievement of stamp duty and registration charges as one of the reasons.

The government had waived 3 per cent social security fund on registration of properties in the urban areas on July 28, 2017. This relief would expire on March 31, 2019.

"This three per cent social security fund will again be imposed with effect from April 2019," said Sarkaria.

The minister informed the House that the state government had not been able to achieve the target of stamp duty and registration charges for 2016-17, 2017-18 and 2018-19 (till January, 2019).

The government's collections have been Rs 2,109.68 crore (2016-17), Rs 2,153.95 crore (2017-18)and 1,891 crore (2018-19) for these years as against the target of Rs 2,600 crore, Rs 2,400 crore and Rs 2,500 crore respectively, said Sarkaria.

The revenue minister also blamed sluggish real estate market as another reason for not achieving the target.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)