Assocham Bulletin - - LAW -

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.

'''''OCHAM AS­SOCHAM (L-R)Mr. G. P Sri­vas­tava, Chief Ad­vi­sor, AS­SOCHAM, In­sti­tute of Com­pany Sec­re­taries of In­dia, Mr. S. C Se­cu­ri­ties, Mr. Kun­tal Kar, Fi­nan­cial Con­troller and ~ Af­fairs & Cap­i­tal Mar­kets, AS­SOCHAM at the in­auga Stamp Act: Re­forms,...

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

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