+
Govt proposes New Indian Stamp Bill, 2023
ECONOMY & POLICY

Govt proposes New Indian Stamp Bill, 2023

The government is considering the repeal of the Indian Stamp Act, 1899 and the introduction of a new legislation governing the stamp duty system in the country. The Department of Revenue, under the Ministry of Finance, has issued an invitation for public input on the draft 'Indian Stamp Bill, 2023' over the next 30 days.

In a statement, the Ministry of Finance revealed, "The Department of Revenue, Ministry of Finance, Government of India, has formulated a draft 'Indian Stamp Bill, 2023' to modernise the existing stamp duty regime. Once enacted, this Bill will replace the outdated Indian Stamp Act, 1899."

The Indian Stamp Act, 1899 outlines the legal provisions for the taxation of transactions through the use of stamps. Although stamp duties are imposed by the central government, the states are responsible for their collection and appropriation as per the provisions of Article 268 of the Constitution.

Stamp duties related to documents listed in entry 91 of the union list of the Seventh Schedule (such as bills of exchange, cheques, promissory notes, bills of lading, letters of credit, policies of insurance, transfer of shares, debentures, proxies, and receipts) are imposed by the Union. On the other hand, the states collect other stamp duties on various documents.

The Ministry of Finance emphasised that the Indian Stamp Act, 1899, a pre-Constitution Act, has undergone amendments over time to adapt to a more contemporary stamp duty system. However, certain provisions within the act have become obsolete, necessitating a reorientation of the legislation to better reflect current realities and objectives.

The government is considering the repeal of the Indian Stamp Act, 1899 and the introduction of a new legislation governing the stamp duty system in the country. The Department of Revenue, under the Ministry of Finance, has issued an invitation for public input on the draft 'Indian Stamp Bill, 2023' over the next 30 days. In a statement, the Ministry of Finance revealed, The Department of Revenue, Ministry of Finance, Government of India, has formulated a draft 'Indian Stamp Bill, 2023' to modernise the existing stamp duty regime. Once enacted, this Bill will replace the outdated Indian Stamp Act, 1899. The Indian Stamp Act, 1899 outlines the legal provisions for the taxation of transactions through the use of stamps. Although stamp duties are imposed by the central government, the states are responsible for their collection and appropriation as per the provisions of Article 268 of the Constitution. Stamp duties related to documents listed in entry 91 of the union list of the Seventh Schedule (such as bills of exchange, cheques, promissory notes, bills of lading, letters of credit, policies of insurance, transfer of shares, debentures, proxies, and receipts) are imposed by the Union. On the other hand, the states collect other stamp duties on various documents. The Ministry of Finance emphasised that the Indian Stamp Act, 1899, a pre-Constitution Act, has undergone amendments over time to adapt to a more contemporary stamp duty system. However, certain provisions within the act have become obsolete, necessitating a reorientation of the legislation to better reflect current realities and objectives.

Next Story
Infrastructure Urban

HAVER & BOECKER Marks a Century of Fascinating Engineering

HAVER & BOECKER is celebrating 100 years of the Machinery Division. It kicked off the year-long festivities in May by hosting customers and industry partners from around the globe for an anniversary event at its headquarters in Oelde, Germany. The occasion also commemorated milestones for two subsidiaries: 50 years of IBAU HAMBURG and 25 years of AML Anlagentechnik, highlighting HAVER & BOECKER’S enduring legacy and technological leadership.The anniversary celebrations will all feature a short reflection on the past before jumping into a showcase of continuous innovation and a clear ..

Next Story
Equipment

MYCRANE Launches Auction Tool to Make Crane Rental Faster

MYCRANE, the first global platform for online crane rental, has launched a powerful new MYCRANE Auction feature, designed to improve transparency, accelerate rentals and deliver greater value for both customers and suppliers. MYCRANE Auction supports multiple auction types—including reverse auctions, forward auctions, and sprint formats—giving customers full flexibility in how they engage with suppliers. At launch, the reverse auction format is expected to be the most commonly used, particularly for high-value, urgent, or competitive rental jobs. Accessible via the main rental pl..

Next Story
Infrastructure Urban

EVMS Raises Concern Over Illegal E-Rickshaw Operations

The Electric Vehicle Manufacturers' Society (EVMS), representing more than 200 organised and MSME EV manufacturers across India, held a press conference at the Press Club of India, highlighting two major challenges facing the country’s electric mobility sector. These include the widespread operation of illegal e-rickshaws and the sharp increase in low-quality imports. Shri Rajiv Tulli, General Secretary of EVMS and an industry veteran with over 25 years of experience, led the session. He made a strong case for urgent policy action, regulatory clarity, and coordinated steps from all stakehold..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?