Latest News | FinMin Invites Suggestions from Public on Draft Indian Stamp Bill

New Delhi, Jan 17 (PTI) The finance ministry on Wednesday invited suggestions from the public on the draft Indian Stamp Bill, 2023, which would align the stamp duty provisions with the modern regime.

Stakeholders can submit their suggestions within 30 days in a specified format.

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Once enacted, the Bill shall replace the Indian Stamp Act, 1899, the finance ministry said in a statement.

"The Department of Revenue, Ministry of Finance, Government of India, has prepared a draft 'Indian Stamp Bill, 2023' to align it with modern stamp duty regime," it said.

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The Indian Stamp Act, 1899, is a fiscal statute laying down the law relating to tax levied in the form of stamps on instruments recording transactions.

Stamp duties are levied by the Central Government, but within the States are collected and appropriated by the concerned States in terms of provisions of Article 268 of the Constitution.

The Indian Stamp Act, 1899, a pre-Constitution Act, has been amended from time to time to enable a more modern Stamp Duty regime.

However, a number of provisions contained in the Indian Stamp Act, 1899 have become redundant/ inoperative and hence, there is a need to re-orient the Indian Stamp Act, 1899.

Accordingly, it has been proposed that the Indian Stamp Act, 1899 is repealed and a new legislation is enacted to reflect the present realities and objectives, the ministry said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)