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Draft Indian Stamp Bill 2023

Draft Indian Stamp Bill 2023 mind map
Recent News
January 2024
Department of Revenue
Invites public suggestions
30 days period
When
Proposed in 2023
Why
Align with modern regime
Replace Indian Stamp Act 1899
What
Repeal Indian Stamp Act 1899
New legislation
Reflect current realities
Tax on stamps
Instruments recording transactions
Where
India
Who
Central Government
Imposes stamp duties
States
Collect and appropriate duties
How
Public suggestions
Website upload
Prescribed proforma
Significance
Modernize stamp duty system

The Draft Indian Stamp Bill, 2023, proposed by India’s Ministry of Finance, aims to modernize the stamp duty regime by replacing the outdated Indian Stamp Act of 1899. This move seeks to align the tax system with current realities, specifically regarding taxes levied on stamps for instruments recording transactions. The Central Government, responsible for imposing stamp duties, has invited public suggestions to refine the bill, reflecting a collaborative approach to legislative reform. The bill signifies an essential step in updating India’s fiscal statutes to better suit contemporary needs.

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