Levying of duties on various transactions being carried on
within the country fetch a significant amount of revenue to the
Government which equips them with adequate resources to conduct the
socio-economic welfare of the country by development proper
infrastructure, education, medical facilities, agriculture,
employment, etc. Various types of taxes are collected from the
taxpayers which serve as the largest source of income for the
Government to work for the betterment of the country. Some of these
include income tax, goods and services tax, customs duty,
educational cess, etc. One such tax is also Stamp Duty.
Stamp Duty
Stamp Duty is the tax payable on financial instruments such as
bill of exchange or promissory notes drawn or made out of India on
or after that day and accepted or paid, or presented for acceptance
or payment, or endorsed, transferred or otherwise negotiated. It is
regulated under the provisions of the Indian Stamp Act, 1899
(hereinafter referred
