Jan 17, 2020

Recent Changes in Indian Stamp Act

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The Finance Act, 2019 enumerates certain amendments to the Indian Stamp Act, 1899 to overhaul the structure of levy and collection of stamp duty on securities issued and/or transferred in the country. The said amendments are effective form 01st day of April, 2020. The key reform includes:

  • Simplified stamp duty collection on issue and transfer of securities through one agency, viz., through stock exchanges or its clearing corporations or depositories.
  • Distribution of such stamp duty appropriately with respective State Governments based on state of domicile of the buyer.
  • Levy of stamp duty on transfer of securities in dematerialised form, which was earlier exempt.
  • Wider definition of the term ‘Securities’, ‘Instrument’ and ‘Debenture and ‘Market Value’
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