Colombo stock exchange, Stock exchange

The amendments in the Indian Stamp Act, 1899 brought through Finance Act 2019 and Rules made thereunder will come into effect from July 1."In order to facilitate ease of doing business and to bring in the uniformity of the stamp duty on securities across States and thereby build a pan-India securities market, the Central Government, after due deliberations and consultations with the States, through requisite amendments in the Indian Stamp Act, 1899 and Rules made thereunder, has created the legal and institutional mechsm to enable states to collect stamp duty on securities market instruments at one place by one agency (through Stock Exchange or Clearing Corporation authorized by it or by the Depository) on one instrument," read an official statement issued by the Finance Ministry."A mechsm for appropriately sharing the stamp duty with relevant state governments has also been developed which is based on the state of domicile of the buyer," it read."The present system of collection of stamp duty on securities market transactions led to multiple rates for the same instrument, resulting in jurisdictional disputes and multiple incidences of duty, thereby raising the transaction costs in the securities market and hurting capital formation," it further read."The relevant provisions of the Finance Act, 2019 amending the Indian Stamp Act, 1899 and the Indian Stamp (Collection of Stamp-Duty through Stock Exchanges, Clearing Corporations and Depositories) Rules, 2019 were notified simultaneously on 10th December, 2019 and these were to come into force from 9th January, 2020, which was later extended to 1st April, 2020 vide notifications dated 8th January, 2020," the Finance Ministry said."Further, considering the requests received from stakeholders, country-wide lockdown situation due to COVID-19 and in line with the relaxations given on statutory and regulatory compliance in other sectors, the date for implementation of amendments in the Indian Stamp Act, 1899 brought through Finance Act 2019 and Rules made thereunder was further extended to 1st July, 2020 vide notifications dated 30th March, 2020," it added.The Finance Ministry further said that to achieve the rationalisation of stamp duty structures, the amendments, inter-alia, provided for reform in order to prevent multiple incidences of taxation. No stamp duty shall be collected by the States on any secondary record of transaction associated with a transaction on which the depository/stock exchange has been authorised to collect the stamp duty, it added.( With inputs from ANI )

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Narendra Modi

Lok Sabha Election 2024

Heatwave In India

Mumbai Water Cut

Maharashtra Lok Sabha Election

IPL 2024

Colombo Stock ExchangeFOLLOW

Colombo stock exchange, Latest News

Business :Massive Surge in Share Market: Multi-bagger Indo Count Industries Records 30,000% Gain

The shares of Indo Count Industries, a textile industry company, have shown significant growth. They surged by over 11% ... ...

International :Colombo Stock Exchange closed amid unrest

Colombo, May 10 Colombo Stock Exchange (CSE) on Tuesday declared a market holiday as a nationwide curfew was ... ...

International :Sri Lanka stock exchange to stop trading for 5 days from April 18

In midst of one of the country's worst economic crises, Sri Lanka's Colombo Stock Exchange (CSE), on Saturday has been directed to temporarily close the stock market for five days starting April 18. ...

International :SL awaits end of long power cuts with fuel shipment under Indian credit line

Colombo, March 31 Sri Lanka awaits the arrival of a diesel shipment under Indian credit line on Saturday ... ...

Aurangabad :ICSI hosts webinar on SEBI’s listing obligations

Aurangabad, Aug 2: The Institute of Company Secretaries of India (ICSI) Aurangabad chapter conducted a webinar to mark the ... ...

National :Amendments in Indian Stamp Act, 1899 to come into effect from July 1

The amendments in the Indian Stamp Act, 1899 brought through Finance Act 2019 and Rules made thereunder will come into effect from July 1. ...