One Stamp Duty | Unified Stamp Duty Effective 01st July 2020
What is Stamp Duty? It is a direct tax collected by State Governments under Section 3 of the Indian Stamp Act, 1899. It is levied on documents with financial transactions, it includes property transactions, bills of exchange, promissory notes, letters of credit etc. A Stamp Duty paid document is considered a legal document which can be presented as evidence in court of law. What is Unified Stamp Duty / One Stamp Duty? The Finance Bill, 2019, contain certain amendments in the Indian Stamp Act, 1899 (the Act) brings uniformity in the levy of stamp duty on securities market. Till 31st March 2020, stamp duty will be charged at different rates based on your State of residence. But, with effect from 01st April 2020, stamp duty will be charged uniformly irrespective of the State of residence. The collection of Stamp Duty is also revised, Till 31st March 2020, we (Brokers) will collect it from you and pay it directly to the respective State Governments but effective 01st April 2020, we (Brokers)...