Punjab Vidhan Sabha introduces Bill seeking to amend Indian Stamp Act within state
PTC Web Desk: The Punjab Vidhan Sabha on Wednesday introduced the Indian Stamp (Punjab Amendment) Bill, 2023, seeking to amend the Indian Stamp Act, 1899, exclusively within the state boundaries. This amendment initiative targets a more transparent and simplified process for collecting stamp duties.
Key Amendments
The suggested changes aim to make the process of collecting fees easier. They focus on making rules clearer for agreements involving different types of property dealings like depositing title deeds, pawning, pledging, and mortgaging using Title Deeds (Equitable Mortgage) or hypothecation. These changes lay out specific charges for stamp duty based on how long a loan is expected to be repaid.
Regarding Entry 48 in the Indian Stamp (Punjab Amendment) Bill, 2023, the alterations are about documents that authorise lawyers to sell property. These adjustments define new charges for stamp duty based on either the amount being considered or the Collector rate.
Objective and Perspective
The primary objective of this amendment is to eliminate ambiguities surrounding the levy and collection of stamp duty. This move aims to ease the process for the general public while ensuring more effective implementation. Bram Shanker Sharma, Punjab's Revenue, Rehabilitation, and Disaster Management Minister, emphasised the necessity of these amendments for smoother and more efficient stamp duty collection.
Financial Implications and Governor's Recommendation
Notably, the proposed Bill doesn't entail any recurring or non-recurring expenses from the state exchequer upon its enactment. Furthermore, in accordance with Article 207 of the Indian Constitution, the Governor has recommended the Punjab Legislative Assembly to consider and introduce this Bill.
The proposed amendments aim to create a more efficient and transparent system for collecting stamp duties in Punjab, laying the groundwork for clearer and more straightforward procedures outlined within the Indian Stamp Act, 1899.
- PTC NEWS
