Dear All,
This is with reference to the securitisation case. In Gujarat, the stamp duty to be used on the deed of assignment ( say of receivables) when the buyout takes place from one co to other (i.e. bank) is 0.1% as read on the websites. The same is reproduced as under:
BOMBAY STAMPS ACT, 1958 (As applicable to the State of Gujarat)
ORDER DATED 25TH FEBRUARY, 1998
No. GHM - 98-221H.STP/1096/2527/H.1. In exercise of the powers conferred by Clause (a) of Section 9 of the Bombay Stamp Act, 1958 (Bom.LX of 1958), the Government of Gujarat hereby reduces the duty with which an instrument of securitisation of Loans or the Assignment of Debt with underlying securities is chargeable under Article 20(a) of Schedule 1 to the said Act, to ten paise for every rupees 100 or part thereof of the loan securitised or debt assigned with underlying securities.
Request you to please advise on
1. The rate of 0.1% is applicable as on date or has this been revised ?
2. Is there any maximum cap on the amount of stamp dutyfor the above case ?
Awaiting a quick reply
Awaiting a quick reply
CAclubindia
