Summary: The analysis examines stamp duty on the issuance of share certificates across Indian states and Union Territories in light of the Indian Stamp Act, 1899, the Finance Act, 2019, and recent state-level developments. From 1 July 2020, the Finance Act introduced a uniform stamp duty regime for dematerialized securities, prescribing 0.005% duty on the issue of securities and 0.015% on transfers, with collection centralized through depositories and stock exchanges. However, physical share certificates of unlisted companies continue to be governed by state-specific stamp duty provisions, resulting in varying rates across jurisdictions. A significant development is the Delhi Revenue Department Circular dated 29 September 2025, which directs that companies registered in Delhi must pay stamp duty at 0.1% on all share issuances, including demat issuances, under Article 19 of Schedule I-A of the Indian Stamp Act. The analysis highlights differences in state practices, payment mechanisms, and compliance requirements, while emphasizing that companies must verify applicable state laws and evolving regulatory positions before issuing shares.
Key Rates at a Glance: Issue of share certificate (demat, post-July 1, 2020): 0.005% uniform (all states) | Transfer of shares (demat): 0.015% uniform (all states)
IMPORTANT – Delhi NCT (Sep 2025 Circular): The Delhi Revenue Dept. circular dated 29/09/2025 directs that stamp duty @ 0.1% under Article 19, Schedule I-A of the Indian Stamp Act is payable for ALL share issuances (physical and demat) by companies registered in NCT of Delhi. Adjudication is mandatory.
Legend: % of Value = Rate is a percentage of total share value (incl. premium) Fixed = Flat rupee amount per share certificate issued
# |
State / UT |
Governing Act & Article |
Physical Cert Rate (pre-2020) |
Demat / post-Jul 2020 |
Rate Type |
Key Notes & Payment Portal |
1 |
Andhra PradeshSouth |
A.P. Stamp Act, 1899Schedule I, Article 19https://registration.ap.gov.in/ |
Rs. 0.30 per certificate |
0.005% of value (uniform) |
Fixed |
Flat Rs. 0.30 per certificate irrespective of share value. Post July 1, 2020, uniform demat rate applies. |
2 |
Arunachal PradeshNortheast |
Indian Stamp Act, 1899 (adopted)Article 19https://arunachalpradesh.gov.in/ |
Rs. 5.00 per certificate |
0.005% of value (uniform) |
Fixed |
Flat Rs. 5 per certificate irrespective of share value. |
3 |
AssamNortheast |
Assam Stamp Act / Indian Stamp ActArticle 19https://revenueassam.nic.in/ |
Rs. 5.00 per certificate |
0.005% of value (uniform) |
Fixed |
Flat Rs. 5 per certificate. Finance Bill 2009 / ISA rates apply for LLP/company certificates. |
4 |
BiharEast |
Indian Stamp Act (Bihar adaptation)Article 19https://biharvast.gov.in/ |
Rs. 10.00 per certificate |
0.005% of value (uniform) |
Fixed |
Flat Rs. 10 per certificate. Physical stamp papers from authorised vendors. |
5 |
ChhattisgarhCentral |
C.G. Stamp Act, 2016Article 19 (Share Certificate)https://igrs.cg.gov.in/ |
Rs. 10.00 per certificate |
0.005% of value (uniform) |
Fixed |
Flat Rs. 10 per certificate. E-stamping via SHCIL available. |
6 |
GoaWest |
Goa Stamp Duty Act, 1968Article 19https://goa.gov.in/ |
Rs. 10.00 per certificate |
0.005% of value (uniform) |
Fixed |
Flat Rs. 10 per certificate. |
7 |
GujaratWest |
Gujarat Stamp Act, 1958Article 19 (Share Certificate)https://igrsgujarat.gov.in/ |
Re. 1 per Rs. 1,000 of value (0.1% incl. premium) |
0.005% of value (uniform) |
% of Value |
Re. 1 per Rs. 1,000 of share value (including premium). E-stamping via GRAS/SHCIL. |
8 |
HaryanaNorth |
Punjab Stamp Act (as amended for Haryana)Article 19https://jamabandi.nic.in/ |
Rs. 0.40 per certificate (Re. 1 revenue stamp) |
0.005% of value (uniform) |
Fixed |
Rs. 0.40 per certificate; Re. 1 revenue stamp may be affixed. SDM Court adjudication may be required. |
9 |
Himachal PradeshNorth |
H.P. Stamp Act, 1899Article 19https://himachal.nic.in/ |
Rs. 0.40 per certificate (Re. 1 revenue stamp) |
0.005% of value (uniform) |
Fixed |
Rs. 0.40 per certificate; Re. 1 revenue stamp may be affixed. |
10 |
Jammu & KashmirUT (since 2019) (UT) |
J&K Stamp Act, 1977Article 19 (now Union Territory)https://jkigrams.nic.in/ |
Re. 1 per Rs. 1,000 of value (0.1% incl. premium) |
0.005% of value (uniform) |
% of Value |
Re. 1 per Rs. 1,000 of value incl. premium. UT since August 2019. |
11 |
JharkhandEast |
Jharkhand Stamp Act (Bihar as adopted)Article 19https://jharkhand.gov.in/ |
Rs. 1.00 per certificate |
0.005% of value (uniform) |
Fixed |
Flat Re. 1 per certificate. Physical stamp papers from authorised vendors. |
12 |
KarnatakaSouth |
Karnataka Stamp Act, 1957 (Amdt. 2023in force Feb 2024) – Article 19https://igrs.karnataka.gov.in/ |
Re. 1 per Rs. 1,000 of value (0.1% incl. premium) |
0.005% of value (uniform) |
% of Value |
Re. 1 per Rs. 1,000 of value incl. premium. K’taka Stamp (Amdt.) Act 2023 modernised rates (Feb 2024). Franking via sub-registrar’s office or Kaveri 2.0 portal. |
13 |
KeralaSouth |
Kerala Stamp Act, 1959Article 19 (Share Certificate)https://keralaregistration.gov.in/ |
Re. 1 per Rs. 1,000 of value (0.1% incl. premium) |
0.005% of value (uniform) |
% of Value |
Re. 1 per Rs. 1,000 of share value incl. premium. Physical stamp paper only; no e-stamping facility in Kerala. |
14 |
Madhya PradeshCentral |
M.P. Stamp Act, 1960Article 19 (Share Certificate)https://mpigr.gov.in/ |
Re. 1 per Rs. 1,000 of value (0.1% incl. premium) |
0.005% of value (uniform) |
% of Value |
Re. 1 per Rs. 1,000 incl. premium. MPIGR e-stamping portal available. |
15 |
MaharashtraWest |
Maharashtra Stamp Act, 1958Article 19 / Schedule Ihttps://igrmaharashtra.gov.in/ |
0.1% of value (Re. 1 per Rs. 1,000 incl. premium) |
0.005% of value (uniform) |
% of Value |
0.1% of share value including premium. Payment ONLY via GRAS Mahakosh portal (gras.mahakosh.gov.in). SHCIL is NOT applicable for share certificates in Maharashtra. Adjudication via Sub-Registrar. |
16 |
ManipurNortheast |
Indian Stamp Act, 1899 (Manipur)Article 19https://manipur.gov.in/ |
Rs. 5.00 per certificate |
0.005% of value (uniform) |
Fixed |
Flat Rs. 5 per certificate. ISA 1899 rates apply. |
17 |
MeghalayaNortheast |
Indian Stamp Act (adopted by Meghalaya)Article 19https://meghalaya.gov.in/ |
Rs. 2.00 per certificate |
0.005% of value (uniform) |
Fixed |
Flat Rs. 2 per certificate. Very low fixed rate. |
18 |
MizoramNortheast |
Indian Stamp Act, 1899 (Mizoram)Article 19https://mizoram.gov.in/ |
Re. 1 per Rs. 1,000 of value (0.1% incl. premium) |
0.005% of value (uniform) |
% of Value |
Re. 1 per Rs. 1,000 of value incl. premium. Central ISA rates apply. |
19 |
NagalandNortheast |
Indian Stamp Act, 1899 (Nagaland)Article 19https://nagaland.gov.in/ |
Rs. 0.45 per Rs. 1,000 of value (0.045%) |
0.005% of value (uniform) |
% of Value |
Rs. 0.45 per Rs. 1,000 of value incl. premium — slightly lower than the standard 0.1% rate. Central ISA rates apply. |
20 |
OdishaEast |
Odisha Stamp Act (ISA as amended)Article 19https://igrodisha.gov.in/ |
Rs. 1.00 per certificate |
0.005% of value (uniform) |
Fixed |
Flat Re. 1 per certificate. Physical stamp papers from authorised vendors. |
21 |
PunjabNorth |
Punjab Stamp Act (ISA as amended)Article 19https://igrs.punjab.gov.in/ |
Rs. 10.00 per certificate |
0.005% of value (uniform) |
Fixed |
Flat Rs. 10 per certificate. E-stamping via SHCIL in Punjab. |
22 |
RajasthanNorth |
Rajasthan Stamp Act, 1998Article 19 (Share Certificate)https://igrs.rajasthan.gov.in/ |
Re. 1 per Rs. 1,000 of value (0.1% incl. premium) |
0.005% of value (uniform) |
% of Value |
Re. 1 per Rs. 1,000 incl. premium. e-Pandiyan portal. |
23 |
SikkimNortheast |
Indian Stamp Act, 1899 (Sikkim)Article 19https://sikkim.gov.in/ |
Rs. 1.00 per certificate |
0.005% of value (uniform) |
Fixed |
Flat Re. 1 per certificate. ISA rates apply. |
24 |
Tamil NaduSouth |
T.N. Stamp Act (ISA as amended)Article 19https://tnreginet.gov.in/ |
Re. 1 per Rs. 1,000 of value (0.1% incl. premium) |
0.005% of value (uniform) |
% of Value |
Re. 1 per Rs. 1,000 of value incl. premium. TNIGRS portal for e-stamping. |
25 |
TelanganaSouth |
Telangana Stamp Act (A.P. Stamp Act as adopted)Article 19https://registration.telangana.gov.in/ |
Rs. 10.00 per certificate |
0.005% of value (uniform) |
Fixed |
Flat Rs. 10 per certificate. Post-2014 bifurcation state; own stamp act provisions apply. |
26 |
TripuraNortheast |
Indian Stamp Act (Tripura)Article 19https://tripura.gov.in/ |
Rs. 5.00 per certificate |
0.005% of value (uniform) |
Fixed |
Flat Rs. 5 per certificate. ISA rates apply. |
27 |
Uttar PradeshNorth |
U.P. Stamp Act, 2008Article 19 (Share Certificate)https://igrsup.gov.in/ |
Rs. 1.00 per certificate |
0.005% of value (uniform) |
Fixed |
Flat Re. 1 per certificate. E-stamping via IGRSUP portal. |
28 |
UttarakhandNorth |
Uttarakhand Stamp Act (U.P. Act as adopted)Article 19https://igrsuk.gov.in/ |
Rs. 1.00 per certificate |
0.005% of value (uniform) |
Fixed |
Flat Re. 1 per certificate. Adopted UP Stamp Act provisions. |
29 |
West BengalEast |
W.B. Stamp Act (ISA as amended)Article 19https://wbregistration.gov.in/ |
Rs. 0.60 per certificate |
0.005% of value (uniform) |
Fixed |
Flat Rs. 0.60 per certificate. Very low fixed rate. |
30 |
Delhi (NCT)Union Territory (UT) |
Indian Stamp Act, 1899Schedule I-A, Article 19 (Sep 2025 circular)https://revenue.delhi.gov.in/ |
Re. 1 per Rs. 1,000 of value (0.1%) |
0.1% of value (Delhi Sep 2025 circular – see notes) |
% of Value |
IMPORTANT: Delhi Revenue Dept. circular dated 29/09/2025 directs 0.1% under Article 19 Schedule I-A for ALL companies (incl. demat/digital). All listed & unlisted companies in NCT of Delhi must apply for adjudication. Non-compliance attracts penalty. Payment via SHCIL portal. |
31 |
ChandigarhUnion Territory (UT) |
Punjab Stamp Act (as extended to Chandigarh UT)Article 19https://chandigarh.gov.in/ |
Rs. 0.40 per certificate |
0.005% of value (uniform) |
Fixed |
Flat Rs. 0.40 per certificate. Follows Punjab Stamp Act. |
32 |
Dadra & Nagar Haveli and Daman & DiuUnion Territory (UT) |
Indian Stamp Act, 1899 (Central Act extended to UT)Article 19https://dnh.nic.in/ |
DNH: Re. 1/Rs.1,000 (0.1%); Daman & Diu: Rs. 10 per cert |
0.005% of value (uniform) |
% of Value |
Merged UT (since 2020). DNH: 0.1% of value; Daman & Diu: Rs. 10 per certificate. Post-2020 uniform rate applies for demat. |
33 |
LakshadweepUnion Territory (UT) |
Indian Stamp Act, 1899 (Central Act)Article 19https://lakshadweep.gov.in/ |
Rs. 1.00 per certificate |
0.005% of value (uniform) |
Fixed |
Centrally governed UT. ISA 1899 flat rate applies. |
34 |
Andaman & Nicobar IslandsUnion Territory (UT) |
Indian Stamp Act, 1899 (Central Act)Article 19https://andaman.gov.in/ |
Rs. 1.00 per certificate |
0.005% of value (uniform) |
Fixed |
Central ISA rates apply. Stamp duty minimal and rarely litigated for share certificates. |
35 |
PuducherryUnion Territory (UT) |
Pondicherry Stamp Act, 1970Article 19https://py.gov.in/ |
Rs. 1.00 per certificate |
0.005% of value (uniform) |
Fixed |
Governed by Pondicherry Stamp Act, 1970. Flat Re. 1 per certificate. |
Key Legal Framework
1. Indian Stamp Act, 1899 – Section 3 read with Schedule I (Article 19): Charging provision for stamp duty on share certificates. Each state has adopted/amended this in its own Stamp Act.
2. Finance Act, 2019 (effective July 1, 2020): Amended the Indian Stamp Act to introduce uniform stamp duty rates for demat securities: 0.005% on issue and 0.015% on transfer. The power of state governments to levy separate stamp duty on demat securities has been withdrawn. Collection is centralised through depositories (NSDL/CDSL) and stock exchanges.
3. Indian Stamp (Collection of Stamp Duty through Stock Exchanges, Clearing Corporations and Depositories) Rules, 2019: Governs the mechanism for centralised collection and distribution of stamp duty to respective state governments.
4. Companies Act, 2013 – Section 46 & Rule 5 of Companies (Share Capital & Debentures) Rules, 2014: Companies must issue share certificates within 2 months of incorporation or allotment. Stamp duty must be paid within 30 days of issue.
5. Delhi NCT – Circular dated 29/09/2025 (Dept. of Revenue): Rate of stamp duty under Article 19, Schedule I-A of the Indian Stamp Act, 1899 is 0.1% of value for companies in NCT of Delhi, applicable to both physical and demat/digital issuances. Adjudication from the Sub-Registrar’s office is mandatory.
6. Karnataka Stamp (Amendment) Act, 2023 (notified Feb 3, 2024): Modernised stamp duty rates for 50+ instruments including share-related documents. Franking at sub-registrar or Kaveri 2.0 portal.
Payment Methods
- Maharashtra: GRAS Mahatos portal (https://gras.mahakosh.gov.in/echallan/) only. SHCIL is NOT applicable for share certificates in Maharashtra.
- Delhi: SHCIL e-stamping portal (https://www.shcilestamp.com/). Adjudication required under Sep 2025 circular.
- Karnataka: Stamp paper purchase from authorised vendors or franking at sub-registrar’s office. Kaveri 2.0 portal for e-stamping.
- Gujarat, Rajasthan, Punjab, UP, Uttarakhand: SHCIL e-stamping or physical non-judicial stamp papers from authorised vendors.
- Haryana, Bihar, Jharkhand, Others: Physical stamp papers from authorised/licensed vendors. SDM Court adjudication may be required in some cases.
- Demat Securities (all states): Stamp duty is automatically deducted and collected by the depository (NSDL/CDSL) at the time of allotment.
Disclaimer: Stamp duty laws are dynamic and subject to state-level amendments. Always verify with the respective State Registration & Stamps Department or a qualified Company Secretary/legal professional before execution. The Delhi circular of September 2025 creates a special compliance obligation that may conflict with the post-2020 uniform central rate — professional advice is strongly recommended for Delhi-based companies.
Key Reference Links
- MCA Portal: https://www.mca.gov.in/
- Delhi Revenue Dept. – Sep 2025 Circular (Article 19): https://revenue.delhi.gov.in/node/9490
- SHCIL e-Stamping Portal: https://www.shcilestamp.com/
- Maharashtra GRAS Portal: https://gras.mahakosh.gov.in/echallan/
- B. Samrish & Co. – Stamp Duty on Issue & Transfer of Shares: https://bsamrishindia.com/stamp-duty-issue-transfer-of-shares/
- India Filings – Stamp Duty on Share Certificates: https://www.indiafilings.com/learn/stamp-duty-on-share-certificate
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