President approves changes to Indian Stamp Act, 1899 | Current Affairs, Current Affairs 2019

President approves changes to Indian Stamp Act, 1899

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Aiming to curb tax evation nd harmonise stamp duty President Ram Nath Kovind gave assent to changes in the Indian Stamp Act, 1899.

The Amendments to the Indian Stamp Act, 1899, were introduced as part of the Finance Act 2019, and was approved by Parliament. The amendments propose to create the legal and institutional mechanism to enable States to collect stamp duty on securities market instruments at one place by one agency (through the Stock Exchanges or Clearing Corporations authorised by the stock exchange or by the Depositories), the Finance Ministry.

A mechanism for appropriately sharing the stamp duty with relevant State governments based on state of domicile of the buying client is also proposed. Subsequent to the enactment of the Act, it is proposed to create a Coordination Council under Article 263 of the Indian Constitution by a separate order/notification of the President.

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