Union Finance Ministry, the department of revenue has prepared a draft Indian Stamp Billl to align it with the modern stamp duty regime. Once this is enacted, the bill shall replace the Indian Stamp Act,1899.
The Ministry said, “The Indian Stamp Act,1899 is a fiscal statute laying down the law relating to tax levied in the form of stamps on instruments recording transactions. 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”
To enable more stamp duty regime, the Indian Stamp Act,1899, a pre-constitution act, has been amended from time-to time.
There is an immediate need to re-orient the act as the provisions contained in the latter have become redundant and inoperative.
Consequently, the ministry has proposed that the Indian Stamp Act,1899 is repealed and a new legislation is enacted to reflect the present realities and objectives.
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