Online payment can be made using debit cards, credit cards, pay orders, RTGS, NEFT or through an account-to-account transfer. You can pay in currency or use a cheque or demand draft if it is done at the ACC. This form is to be submitted along with payment for the stamp certificate. The application form should have details of the parties involved and the transaction for which it is to be used.
If the option is available in your state, you will have to fill an application form at an ACC. The site also has information on which transactions require stamping and addresses of collection centres. First, you will have to go to the SHCIL website, and check if your state government allows e-stamping.
SHCIL has also designated authorised collection centres, or ACCs-scheduled banks-that will issue certificates to users.
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The central government has appointed the Stock Holding Corporation of India Limited (SHCIL) as the Central Record Keeping Agency (CRA) for all e-stamps used in the country.Ĭurrently, SHCIL is responsible for everything-from user registration to administration, all e-stamping applications and maintenance of records. In fact, in certain states, such as Delhi, all stamp duty needs to be paid through e-stamping. The Indian government introduced e-stamping to tackle counterfeiting and make the payment of stamp duty easier and glitch free. In fact, the technology-savvy would find electronic-stamping the most convenient and the simplest option. If all methods are available, all are recognised legally and the choice is with the individual(s) concerned. However, not all states have all three options available. There are three ways to pay stamp duty: (1) Using the e-stamping facility (2) Using papers bearing impressed stamps (non-judicial stamp paper), and (3) Using a franking machine. "The states that do not have a Stamp Act will be governed by the Indian Stamp Act, which is a central act." Therefore, as we said earlier, it is always best to consult your lawyer. Kshatrshal Raj, an advocate with Parekh & Company, says the charges and requirements on stamp duty will also differ among the states and, so will the rules. Depending upon the nature of the transaction, the central or state government will set stamp duty. The process may seem simple enough, but it begins to get complicated when figuring out jurisdiction, meaning who decides how much duty is to be paid. This payment is done through the purchase of stamp paper and is proof that the government has been paid its share, for future reference. Sandeep Jain, founder of Delhibased legal firm Lex Corpss, says the law requires you to pay stamp duty to the central or state government when certain transactions take place, such as buying, selling or leasing property, business agreements, making deeds, etc., that has a financial aspect to it.
Of course, approaching a lawyer would be the best idea, and worth the money, if you wish to ensure that there will be no complications in the future. So, we give you some of the basics of getting your documents 'stamped' to make it easier. However, the process involves too many people and requires a tiring attention to detail that can discourage even the most optimistic people. Paying stamp duty is an essential part of almost any transaction you do in India, from buying or selling a house to setting up a business agreement or even registering your many insurance policies.
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