The Indian Stamp Act, 1899 has been engrafted in the statute-book to consolidate and to amend the law relating to tax levied in the form of stamp duty on instruments recording transactions. The applicability of the law is the subject matter of Indian States and applies to all states except J&K. Each stamp duty payer i.e. individual as well as organization empowers the State Governments, UTs and Union Govt. of India to plan and to achieve their budget schemes.
Apart from direct and other indirect taxes, the revenue from stamp duties contributes a very significant proportion in the .budget and optimization of the same remains a pressing need due to increasing size of the budget on year-to-year basis. The present form of Indian Stamp Duty Act is construed as a result of several amendments in the past and still; there are areas that require a comprehensive review for amendments which may remove the existing barriers to the possible extent, expedite transactions and support the country's fiscal system at ease to pay by the individuals and the corporate entities.
Therefore, in view of the above, to discuss and examine various issues relating to Stamp Duty Act, the ASSOCHAM organized National Seminar on 'Indian Stamp Act: Reforms, Amendments, and the Way Forward' on March 23, 2018 at ASSOCHAM House in New Delhi.
Welcome address was delivered by Mr. G. P. Srivastava, Chief Advisor, ASSOCHAM, followed by the addresses of Mr. VijaySachdeva, Co-chairman, ASSOCHAM National Council for Company Law, Corporate Affairs and Head, North India & Practice Leader, Risk Advisory Services, PKF Sridhar & Santhanam LLP, Mr. Satwinder Singh, Central Council Member, The Institute of Company Secretaries of India, and concluding remarks and vote of thanks were proposed by Mr. S. C. Aggarwal, Chairman & Managing Director, SMC Global Securities.
The first technical session was moderated by Mr. Manish Kapur,
Partner- InternationalTax& Deal Advisory, M&ATax BSR& Co. LLPIndia, and the key panelists were Mr. Abhishek Chaurasia, - Transaction Advisory Services & Valuations, CorpAcumen Advisors LLP, Mr. Bhaskar Ballave, Head Business Development, Pitney Bowes India and Mr. SahebSingh Chadha, Senior Associate,Vaish Associates Advocates.
In the first session, the expert panelists and participants discussed the areas- including 1. Review of present state of Stamp Duty Regime on financial securities transactions and penalty clauses, 2. Challenges faced by the stakeholders including - varied stamp duty rates on M&A transactions, issues of real estate sector and duty on transfer of stressed assets, 3. Single window clearance mechanism and 4. What need reforms, amendments in stamp duty regime to way forward?
Following the first session, a corporate presentation was given by Mr. Hemant Gaur, Product Head - pbSecure, Pitney Bowes India and the topic was 'Technology solutions for Stamp Duty Collection'.
The second technical session was moderated by Mr. Santosh Parashar, Additional Director, Dept. of Corporate Affairs and Capital Market, ASSOCHAM and the Key Panelists were Mr. Amit Dassi, Channel Head, Stock Holding Corporation of India Limited, Mr. Sanjay Gulati, Group Head - Corporate Tax - IDT, GMR Group, Mr. Rajat Mohan, Partner, A M R. G & ASSOCIATES, Mr. Gaurav Kapoor, Assistant Vice-President & Head Northern Region, National Stock Exchange of India Ltd. Mr. Sanjiv Arora, President, ISACA New Delhi Chapter.
In the second session, the expert panelists and participants discussed the areas including
1. TheGSTSuccess-A benchmark for 'One Nation and One Stamp Duty' 2. Uniform stamp duty regime for taxation of Securities on a destination-based principle
3. Consensus forming among the states 4. E-Stampingfor the States having archaic physical stamping process.
In the end, the panelist, experts and participants appreciated the ASSOCHAM's initiative and demand of 'One Nation and One Stamp duty' and also agreed on to suggest, recommend and represent before govt. for introducing the same.
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vir. Satwinder Singh, Central Council Member, The 19arwal, Chairman & Managing Director, SMC Global Santosh Parashar, Additional Director-Corporate ation of ASSOCHAM National Seminar on 'Indian Ivard'. A OCHAM HAM AS OCHAM