Delhi govt to reduce stamp duty on share transfers
Eyeing the rapid growing capital market in the national capital, Delhi Government has decided to bring down the stamp duty on share transfers at par with the states like Maharashtra, Gujarat and Rajasthan.
By PTI |
NEW DELHI: Eyeing the rapid growing capital market in the national capital, Delhi Government has decided to bring down the stamp duty on share transfers at par with the states like Maharashtra, Gujarat and Rajasthan.
While presenting Delhi Budget for 2008-09, Finance Minister AK Walia said, "in order to facilitate growth of capital market transactions, we have decided to bring down the stamp duty on brokers' notes at par with the above mentioned states."
"Consequently, the stamp duty on transfer of capital market instruments such as non-delivery transactions and futures and option trading will be .002 per cent from existing .01 per cent each while on delivery transactions the stamp duty will remain at the existing level of .01 per cent," Walia said.
Necessary amendment bill will be introduced separately soon, the Finance Minister said, adding this would help encourage the community of investors as well as brokers towards voluntary compliance.
All the transactions will be through electronic route as from April 1, the government has decided to introduce e-stamping for collection of stamp duty in the national capital.
"e-stamping is being introduced from April 1 of this year. It will greatly simplify the procedure to pay stamp duty. Any person who has to pay stamp duty of more than Rs 500 can go to any of the authorised collection centre and deposit the stamp duty," Walia said.
While presenting Delhi Budget for 2008-09, Finance Minister AK Walia said, "in order to facilitate growth of capital market transactions, we have decided to bring down the stamp duty on brokers' notes at par with the above mentioned states."
"Consequently, the stamp duty on transfer of capital market instruments such as non-delivery transactions and futures and option trading will be .002 per cent from existing .01 per cent each while on delivery transactions the stamp duty will remain at the existing level of .01 per cent," Walia said.
Necessary amendment bill will be introduced separately soon, the Finance Minister said, adding this would help encourage the community of investors as well as brokers towards voluntary compliance.
All the transactions will be through electronic route as from April 1, the government has decided to introduce e-stamping for collection of stamp duty in the national capital.
"e-stamping is being introduced from April 1 of this year. It will greatly simplify the procedure to pay stamp duty. Any person who has to pay stamp duty of more than Rs 500 can go to any of the authorised collection centre and deposit the stamp duty," Walia said.
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