Stamp Duty

Legal provisions for Stamp Duty in India

Submitted by asandil on Sat, 03/22/2014 - 11:49

The basic purpose of Indian Stamp Act, 1899 is to raise revenue to Government. It means a tax payable on certain legal documents specified by statute; the duty may be fixed or ad valorem meaning that the tax paid as a stamp duty may be a fixed amount or an amount which varies based on the value of the products, services or property on which it is levied. It is basically a kind of tax paid on any transaction based on exchange of documents or execution of instruments