NEW DELHI: Amendments to the Indian Stamp Act, 1899, which proposes to create legal and institutional mechanism to enable states to collect stamp duty on market instruments at one place by one agency or one instrument, was given assent by President Ram Nath Kovind on Thursday.
The amendments to the Act have been introduced as part of the Finance Act, 2019. It was in fulfillment of the commitment made in the last Union Budget 2018-19 to take reform measures with respect to stamp duty regime on financial securities transactions in consultation with states and make necessary amendments to the Indian Stamp Act, 1899.
The Finance Bill 2019 was passed by both Houses of Parliament — Lok Sabha and Rajya Sabha. The mechanism for appropriately sharing the stamp duty with relevant state governments based on state of domicile of the buying client is also proposed in the amendments. (AGENCIES)
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