With an aim towards modernising the country’s stamp duty framework, the Department of Revenue, Ministry of Finance, Government of India, has introduced the draft ‘Indian Stamp Bill, 2023.’ This proposed legislation, once enacted, is slated to replace the long-standing Indian Stamp Act, 1899, ushering in a more contemporary and relevant stamp duty regime.
The Indian Stamp Act, 1899, a fiscal statute with roots predating the Constitution, currently governs the imposition of stamp duties on instruments recording various transactions. While these stamp duties are levied by the Central Government, they are collected and utilized by the individual States in accordance with the provisions outlined in Article 268 of the Constitution.
Over time, the Indian Stamp Act, 1899, has undergone amendments to adapt to the evolving needs of a modern economy. However, certain provisions within the Act have become obsolete and ineffective. Recognizing the need for a more current and goal-oriented legislation, it has been proposed to repeal the Indian Stamp Act, 1899, and replace it with the new ‘Indian Stamp Bill, 2023.’
As part of the pre-legislative consultative process, the draft ‘Indian Stamp Bill, 2023’ has been made available on the official website of the Department of Revenue [https://dor.gov.in/stamp-duty/]. The public is invited to contribute their suggestions within a stipulated period of 30 days using the prescribed proforma. Valuable input and feedback on the proposed bill can be shared via email at sunil.kmr37@nic.in , in either MS Word (or compatible format) or machine-readable PDF format.
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