Suggestions on Draft ‘Indian Stamp Bill, 2023’

  • Prepared by the Department of Revenue, Ministry of Finance, and Government of India.
  • Draft ‘Indian Stamp Bill, 2023’.
  • To align it with the modern stamp duty regime.
  • The Bill shall replace the Indian Stamp Act, 1899.

Indian Stamp Act, 1899 (2 of 1899):

  • A fiscal statute laying down the law relating to the tax levied in the form of stamps on instruments recording transactions.
  • Stamp duties are levied by the Central Government.
  • But within the States are collected and appropriated by the concerned States in terms of the provisions of Article 268 of the Constitution.
  • A pre-Constitution Act.
  • Has been amended from time to time to enable a more modern Stamp Duty regime.
  • Several provisions have become redundant/ inoperative.
  • There is a need to re-orient the Act of 1899.
Posted in Current Affairs.