According to the Ministry of Finance, several provisions of the Indian Stamp Act, 1899 have now become “redundant” or “inoperative”. Here is a look at stamp duty, the 1899 Act, and the draft Bill.
The Indian Stamp Act, of 1899 will soon be revamped through the Indian Stamp Bill 2023, with some new provisions. Why is the Centre planning to replace the existing Stamp Act? Here we have explained all the details.
The Centre has released a draft of the proposed Indian Stamp Bill, 2023, to replace the outdated India Stamp Act, 1899. The draft bill introduces provisions for digital e-stamping and aims to modernize the stamp duty regime. It proposes changes such as incorporating digital signatures, a framework for digital records, and an expanded definition of financial instruments.
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.