Ministry of Finance invites suggestions on draft Indian Stamp Bill 2023 within a period of 30 days:

Ministry of Finance invites suggestions on draft Indian Stamp Bill 2023 within a period of 30 days The Department of Revenue, Ministry of Finance, Government of India, has prepared a draft ‘Indian Stamp Bill, 2023’ to align it with the modern stamp duty regime. Once enacted, the Bill shall replace the Indian Stamp Act of 1899. The Indian Stamp Act, 1899 (2 of 1899) is a fiscal statute that establishes the law governing the tax levied in the form of stamps on instruments recording transactions. Stamp duties are charged by the Central Government, but are collected and appropriated by the respective States in accordance with 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 clauses in the Indian Stamp Act 1899 have become redundant or inoperative, necessitating a reorientation of the Act. As a result, it has been advocated that the Indian Stamp Act of 1899 be abolished and a new statute drafted to reflect current realities and objectives. As part of the pre-legislative consultative process, the draft 'Indian Stamp Bill, 2023' has been posted on the 'D/o Revenue' website, requesting public suggestions in a stipulated proforma within 30 days. 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.