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January 18, 2024 2:31 PM IST

Indian Stamp Act

Government considers repeal of 1899 Stamp Act, proposes modern stamp duty regime

The Union government is contemplating the repeal of the Indian Stamp Act of 1899, paving the way for a more contemporary stamp duty regime. The Department of Revenue, under the Ministry of Finance, has unveiled a draft of the proposed ‘Indian Stamp Bill, 2023,’ and sought public input over the next 30 days.

The existing Indian Stamp Act, dating back to the pre-Constitution era, currently governs the taxation of transactions through stamps. The proposed bill seeks to replace this outdated legislation with a more modern framework. Initially imposed by the central government, stamp duties are presently collected and managed by individual states under the provisions of Article 268 of the Constitution.

While amendments have been incorporated into the 1899 Act over the years to adapt to changing economic landscapes, several provisions have become obsolete, prompting the need for a comprehensive reassessment. The government advocates for the complete repeal of the Indian Stamp Act of 1899, urging the enactment of a new law that aligns more effectively with contemporary realities and objectives.

As part of the pre-legislative consultative process, the draft ‘Indian Stamp Bill, 2023’ is open for public scrutiny and feedback. Interested parties can submit their suggestions using the prescribed proforma within the next 30 days. The draft bill and additional information are accessible on the Department of Revenue’s website. 

By Ranu Jain 

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Last updated on: 8th February 2025