Ministry-of-Finance-Seeks-Public-Input-on-New-Indian-Stamp-Bill-2023Ministry-of-Finance-Seeks-Public-Input-on-New-Indian-Stamp-Bill-2023

The Department of Revenue, Ministry of Finance, Government of India, invites public suggestions, within a period of 30 days, on the draft ‘Indian Stamp Bill, 2023,’ aimed at modernizing the stamp duty regime. Learn about the proposed changes, the consultation process, and how citizens can contribute their feedback.

Modernizing Stamp Duties: Draft ‘Indian Stamp Bill, 2023’ Unveiled

The Department of Revenue, Ministry of Finance, Government of India, has introduced the draft ‘Indian Stamp Bill, 2023,’ marking a significant step towards overhauling the existing Indian Stamp Act, 1899. The proposed legislation aims to align stamp duties with contemporary practices.

Background and Purpose

The Indian Stamp Act, 1899, a fiscal statute overseeing stamp duties on transactional instruments, is set for a revamp. Over time, various amendments have been made to adapt the pre-Constitution Act to modern stamp duty practices. However, certain provisions have become obsolete, necessitating a comprehensive revision.

Proposed Repeal and Enactment

In response to the evolving needs and objectives, the proposal suggests the repeal of the Indian Stamp Act, 1899. Instead, a new legislation, the ‘Indian Stamp Bill, 2023,’ is poised to take its place. This legislative shift aims to address current realities and streamline stamp duty procedures.

Public Consultation Process

As part of the pre-legislative consultative process, the draft bill has been made available on the ‘D/o Revenue’ website [https://dor.gov.in/stamp-duty/]. The Ministry invites suggestions from the public within a stipulated period of 30 days.

How to Participate

Citizens interested in contributing their insights and suggestions on the draft bill can do so by visiting the official website. The Ministry encourages the submission of feedback in the prescribed proforma (See below). Suggestions can be sent via email to sunil.kmr37[at]nic[dot]in, in either MS Word (or compatible format) or machine-readable PDF format.

PROFORMA FOR SENDING SUGGESTIONS/COMMENTS/VIEWS

S. No.Section No. of the draft BillTitle of the SectionProposed modification, if anyRemarks/comments

This participatory approach reflects the government’s commitment to ensuring that the new Indian Stamp Bill, 2023, is shaped by the collective wisdom and diverse perspectives of the public.

This call for suggestions provides a valuable opportunity for citizens to engage in the legislative process and contribute to the development of a more robust and contemporary stamp duty framework.

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