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Indian Stamp Act, 1899
July 3 , 2020
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- Through Finance Act 2019, amendments were brought to the Indian Stamp Act, 1899.
- For building a pan-India securities market, a centralized system of stamp duty with a unified rate has been brought under the amendments.
- A uniform stamp duty across all the states will be imposed for all financial securities transactions.
- As per the legal and institutional mechanism, the stamp duty is collected by the State Government.
- Under the uniformity, the Central Government will deposit it to the State Government based on the place from where the trade took place.
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