The government has proposed repealing the Indian Stamp Act, 1899 and bringing in a new legislation for the stamp duty regime in the country. Department of Revenue under the Ministry of Finance has invited suggestions on the draft ‘Indian Stamp Bill, 2023’ from the public within a period of 30 days.
“The Department of Revenue, Ministry of Finance, Government of India, has prepared a draft ‘Indian Stamp Bill, 2023’ to align it with the modern stamp duty regime. Once enacted, the Bill shall replace the Indian Stamp Act, 1899,” the Ministry of Finance said in a statement on Wednesday.
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