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President Ram Nath Kovind on Thursday gave assent to changes in the Indian Stamp Act, 1899, which will rationalise and harmonise stamp duty and help curb tax evasion.
The Amendments to the Indian Stamp Act, 1899, were introduced as part of the Finance Act 2019, and was approved by Parliament.
The amendments propose to create the legal and institutional mechanism to enable States to collect stamp duty on securities market instruments at one place by one agency (through the Stock Exchanges or Clearing Corporations authorised by the stock exchange or by the Depositories), the Finance Ministry said in a statement.
A mechanism for appropriately sharing the stamp duty with relevant State governments based on state of domicile of the buying client is also proposed, it added.
“Subsequent to the enactment of the Act, it is proposed to create a Coordination Council under Article 263 of the Indian Constitution by a separate order/notification of the President,” the Ministry said.
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