Indian Stamp Bill, 2023

The Ministry of Finance, Government of India, under the Department of Revenue, has formulated a preliminary document titled 'Indian Stamp Bill, 2023' with the aim of modernizing the prevailing stamp duty framework. Once endorsed, this bill will supersede the Indian Stamp Act of 1899.

The Indian Stamp Act of 1899 (2 of 1899) serves as a fiscal statute governing the taxation imposed in the form of stamps on instruments documenting various transactions. While stamp duties are imposed by the Central Government, their collection and allocation within the states adhere to the provisions outlined in Article 268 of the Constitution.

Despite periodic amendments to the Indian Stamp Act of 1899, a legislation predating the Constitution, several provisions have become obsolete or non-functional. Consequently, there exists a necessity to revamp the Indian Stamp Act, 1899, aligning it with contemporary needs. The proposal suggests the repeal of the existing act, paving the way for a new legislation that better mirrors current realities and objectives.

As part of the pre-legislative consultative process, the preliminary 'Indian Stamp Bill, 2023' has been made available on the 'D/o Revenue' website [https://dor.gov.in/stamp-duty/].

The public is encouraged to provide feedback and suggestions using the prescribed proforma within a stipulated 30-day period.

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