Government to revamp stamp duty regime, proposes new law

New law : The department of revenue has drafted the new law which is ‘Indian Stamp Bill, 2023’ and uploaded the draft Bill on its website for public consultation.

The Indian government has finalized a draft ‘Indian Stamp Bill, 2023’ to modernize the stamp duty regime, aligning with the focus on e-governance and eliminating colonial laws. The bill enables e-stamping of digital instruments, reflecting India’s commitment to a seamless digital era. Defined as an electronically generated impression denoting stamp duty payment, e-stamping will replace the outdated Indian Stamp Act, 1899. Prime Minister Narendra Modi, in his August 2022 Independence Day speech, outlined five pledges, including developing a modern India and shedding a colonial mindset. The government invites public suggestions for one month as part of the pre-legislative consultative process.