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ARTICLE · 12 FEBRUARY 2019

Stamp Duty Stumps Brokers And Demat Transfers

Nishith Desai Associates
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Indian Stamp Act is proposed to be amended to replace broker turnover stamp duty with stamp duty on the clearance list used for transactions through stock exchange.

IndiaTechnology
Prashant Prakhar
Prashant Prakhar
Kishore Joshi
Kishore Joshi
Pratibha Jain
Pratibha Jain
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  • Indian Stamp Act is proposed to be amended to replace broker turnover stamp duty with stamp duty on the clearance list used for transactions through stock exchange.
  • Stamp duties to be collected by the stock exchanges or their authorised clearing corporations and the depositories on behalf of various State Governments.
  • No more stamp duty waivers on transfer of securities and mutual fund units in dematerialised form.

BACKGROUND

Stamp duty considerations are important for any commercial or business transaction, especially when some States impose high stamp duties on documents to shore up their revenues, as compared to others. The Constitution of India, vide the Seventh Schedule, empowers the Union Government and the State Governments to legislate provisions regarding stamp duties as per their competence.

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