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ARTICLE · 22 APRIL 2019

Finance Act 2019 Amendments To Indian Stamps Act, 1899

Khurana & Khurana, Advocates and IP Attorneys
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The Finance Bill, 2019, has projected certain amendments in the Indian Stamp Act, 1899 ("the Act") introducing uniformity in the charge of stamp duty on securities whether in physical or demat form.

IndiaFinance and Banking
Shubham Borkar
Shubham Borkar
Lakshay Kewalramani
Lakshay Kewalramani
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The Finance Bill, 2019, has projected certain amendments in the Indian Stamp Act, 1899 ("the Act") introducing uniformity in the charge of stamp duty on securities whether in physical or demat form. Amendments to the Indian Stamp Act, 1899 for Rationalization of Stamp Duty & Design of Zero Evasion Collection Mechanism in Respect of Securities market instruments.

Objective

The present amendment has been brought with the intent to create a legal and institutional mechanism which would enable states to collect stamp duty on securities at "One Place" and by "One Agency on "One Instrument". A proposal has also been made to share the stamp duty with relevant State governments based on the domicile of the buyer.

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