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Implementation of Amendments in the Indian Stamp Act, 1899 and Rules made from 1st July, 2020 for Rationalized Collection Mechanism of Stamp Duty across India with respect to Securities Market Instruments The Amendments in the Indian Stamp Act, 1899 brought through Finance Act 2019 and Rules made
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FAQ :
The amendments to the Indian Stamp Act, 1899, and related rules come into effect from 1st July 2020.
The main objective is to rationalise stamp duty collection on securities, simplify business processes, create uniformity across states, and build a pan-India securities market.
Stamp duty will be collected by authorised entities such as Stock Exchanges, Clearing Corporations, or Depositories on behalf of the State Governments.
The stamp duty collected will be shared with the relevant State Governments based on the state of domicile of the buyer.
In the new system, stamp duty is generally levied on only one party (either the buyer or the seller), not both, except in specific cases of exchange instruments where it's shared equally.
The new system is expected to minimise collection costs, enhance revenue productivity, help develop equity markets, and promote balanced regional development.
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