Whether Stamp Duty is required to be paid on first issue of shares by private limited company to its promoters? If yes, whether stamp is affixed on share certificates itself or is required to be paid to some authority?
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Stamp duty on issue of shares
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Stamp duty is payable on issue of share certificates whether issued to subscribers or others. It is governed by respective State law. Mode of payment of stamp duty is also given in the respective State law. Such mode could be either affixing stamps on share certificates or payment by way of franking or even payment of consolidated stamp duty etc.
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