The government is planning to go in for another amendment to expand its ambit and include more areas from where revenue can be collected in the form of stamp duty and registration fees. The amendment will be soon brought in the monsoon session of the state assembly. A team of experts is exploring the articles of stamp duty acts in other states. For example, Maharashtra has started taking stamp duty on the built, operate and transfer BOT agreements that are now entered into by various government departments with the private developers under public, private partnership which run into thousands of crores. The Gujarat Stamp Amendment Bill, , which was passed by the assembly in March and later cleared by the governor, allows the government to levy stamp duty on agreement or memorandum of agreement relating to deposit of title deeds, pawn, pledge or hypothecation. It says that where the amount of loan or debt does not exceed Rs 10crore, the government will charge 25paise for every Rs , subject to maximum of Rs 1lakh.
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Bombay Stamp Act, 1. Short title, extent and commencement. Instruments chargeable with duty. Certain instruments relating to vacant land chargeable with additional duty. Several instruments used in signal transaction of sale, mortgage or settlement. Instruments relating to several distinct matters. Instruments coming with in several description in Schedule I. Payment of higher duty in respect of certain instruments.
Bonds or securities other than debentures issued on loans under Act IX of or other law. Power to reduce, remit or compound duties. Duties how to be paid. Use of adhesive stamps.
Use of adhesive stamps in respect of certain instruments. Cancellation of adhesive stamps. Instrument stamped with impressed stamps how to be written. Only one instrument to be on same stamp. Instrument written contrary to section 13 or 14 deemed unstamped.
Denoting duty. Instruments executed in State. Instruments executed out of State. Payment of duty on certain instruments liable to increased duty in Gujarat State. Conversion of amount expressed in foreign currencies. Stock and marketable securities how to be valued.
Effect of statement of rate of exchange or average price. Instruments reserving interest. Certain instruments connected with mortgages of marketable securities to be chargeable as agreements. Deduction of duty to be made when property mortgaged is transferred to mortgagee. Valuation in case of annuity, etc.
Stamp where value of subject matter is indeterminate. Facts affecting duty to be set forth in instrument. Directions as to duty in case of certain conveyances. Duties by whom payable. Adjudication as to proper stamps. Certificate by Collector. Determination of market value of property which is the subject matter of conveyance, etc. Statement of the case by the Collector.
Examination and impounding of instruments. Instruments not duly stamped in admissible in evidence etc. Admission of instrument where not be questioned. Admission of improperly stamped instruments. Instruments impounded how dealt with. Collectors power to refund penalty paid under section 37, subsection 1. Collector's power to stamp instruments impounded. Instruments unduly stamped by accident.. Endorsement of instruments on which duty has been paid under section 34, 39 or Prosecution for offence against stamp law.
Persons paying duty or penalty may recover same in certain cases. Power to Revenue authority to refund penalty or excess duty in certain cases. Nonliability for loss of instruments send under section Recovery of duties, penalties and interest. Furnishing of statement, return and information. Allowance for spoiled stamps.
Period within which Application for relief under section 47 to be made. Allowance in case of printed forms no longer required by corporations. Allowance for misused stamps. Allowance for spoiled or misused stamphow to be made. Allowance for stamps not required for use. Allowances for stamps in denominations of annas. Refund of value of refugee relief stamps.. Invalidation of stamps and saving. Control of and statement of case to Chief Controlling Revenue Authority.
Revision of Collector's decision under sections 32, 32A, 39 and Power of High Court to call for further particulars as to case stated. Procedure in disposing of case stated. Statement of case by other Courts to High Court. Revision of certain decisions of Courts regarding the sufficiency of stamps. Penalty for executing, etc. Penalty for making false declaration on clearance list.
Penalty for failure to cancel adhesive stamp. Penalty for omission to comply with provisions of section Penalty for breach of provisions of section 68, subsection 2. Nondisclosure of information by a public servant. Penalty for breach of rule relating to sale of stamps and for unauthorised sale.
Institution and conduct of Prosecutions. Jurisdiction to try offences. Place of trial. Books, etc. Collector's power to authorise officer to enter premises and inspect certain documents. Power to make rules relating to sale of stamps. Power to make rule generally to carry out purpose of Act.
Publication of rules. Delegation of certain powers. Saving as cour. Use of former State stamps permissible for certain period to be notified. Act not applicable to rates of stamp duty on bills of exchange, etc. Act to be translated and sold cheaply. Repeal of enactments. The Bombay Stamp Act, Any such stamps which have not been used or no allowance has been claimed in respect thereof within the period of six months from the date of purchase shall be rendered invalid;.
The stamps which have not been used or presented within the aforesaid period of six months shall be rendered invalid. Acknowledgement of a debt exceeding twenty rupees in amounts or value written or signed by, or on behalf of, a debtor in order to supply evidence of such debt in any book other than a banker's pass book or on a separate piece of paper when such book or paper is left in the creditor's possession :. Provided that such acknowledgement does not contain any promise to pay the debt or any stipulation to pay interest or to deliver any goods or other property.
Affidavit, including an affirmation of declaration in the case of persons by law allowed to affirm or declare instead of swearing. One rupee for every ten thousand rupees or part thereof of the value of the security at the time of its purchase or, as the case may be, sale. II of In the case of forward contracts relating to the purchase or sale of securities, one rupee for every ten thousand rupees or part thereof of the value of the security at the time of its purchase or, as the case may be, sale.
One rupees for every ten thousand rupees or part thereof of the value of silver, gold or, as the case may be, sovereigns. One rupee for every ten thousand rupees or part thereof of the value of the oil seeds at the time of its purchase or, as the case may be, sale. One rupee for every ten thousand rupees or part thereof of the value of such yarn, groundnut oil, other non-mineral oil or, as the case may be, spices.
Gujarat to amend Gujarat Stamp Act, expand tax ambit
This story is from September 4, The amendment is expected to be brought about in the monsoon session of the state assembly. Sources in revenue department said, "We have begun the process of exploring the new areas where there is a scope of levying taxes. A team of experts is exploring the articles of stamp duty acts in other states.
Gujarat Stamp Act 1958, to get amended