The Department of Revenue, Ministry of Finance, Government of India, has opened its doors to public engagement in shaping the future of India’s fiscal landscape. The recently crafted ‘Indian Stamp Bill, 2023’ is now subject to public scrutiny and suggestions.
The Indian Stamp Act, 1899, a fiscal statute dating back to the pre-Constitution era, has undergone amendments over time to accommodate a more modern Stamp Duty system. However, with certain provisions now rendered redundant or inoperative, the Ministry of Finance recognizes the necessity of reorienting the existing framework.
The proposed ‘Indian Stamp Bill, 2023’ aims to replace the archaic Indian Stamp Act, 1899, aligning the legislation with contemporary needs and objectives. The current draft is a testament to the government’s commitment to fostering transparency and inclusivity in the legislative process.
As an integral part of the pre-legislative consultative process, the draft bill has been made accessible on the Department of Revenue’s website [https://dor.gov.in/stamp-duty/]. The public is encouraged to review the document and share their insights using the provided proforma within a 30-day window.
****
Ministry of Finance
Department of Revenue, Ministry of Finance, invites suggestions on draft ‘Indian Stamp Bill, 2023’ from public within a period of 30 days
Posted On: 17 JAN 2024 7:57PM by PIB Delhi
The Department of Revenue, Ministry of Finance, Government of India, has prepared a draft ‘Indian Stamp Bill, 2023’ to align it with modern stamp duty regime. Once enacted, the Bill shall replace the Indian Stamp Act, 1899.
The Indian Stamp Act, 1899 (2 of 1899) is a fiscal statute laying down the law relating to 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 provisions of Article 268 of the Constitution.
The Indian Stamp Act, 1899, a pre-Constitution Act, has been amended from time to time to enable a more modern Stamp Duty regime. However, a number of provisions contained in the Indian Stamp Act, 1899 have become redundant/ inoperative and hence, there is a need to re-orient the Indian Stamp Act, 1899. Accordingly, it has been proposed that the Indian Stamp Act, 1899 is repealed and a new legislation is enacted to reflect the present realities and objectives.
As a part of pre-legislative consultative process, the draft ‘Indian Stamp Bill, 2023’ has been uploaded on the website of ‘D/o Revenue’ [https://dor.gov.in/stamp-duty/] for inviting suggestions from public in a prescribed proforma within a period of 30 days.
PROFORMA FOR SENDING SUGGESTIONS/COMMENTS/VIEWS
| S. No. | Section No. of the draft Bill | Title of the Section | Proposed modification, if any | Remarks/comments |
The suggestions/ comments on the draft Bill may be shared at the following email id – sunil.kmr37[at]nic[dot]in in either MS Word (or compatible format) or machine-readable PDF format.
****
