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The Indian government levies stamp duty, a form of tax, on certain agreements like mortgage collateral, loan agreements, affidavit, and so on. You get your stamp paper upon successful payment of the charged stamp duty. You can then affix the stamp paper on your agreement for it to be legally valid and admissible in court.
What is a stamp duty?
A stamp duty, which varies from state to state, is the tax placed on legal documents to register the transaction, and the transaction document is registered with the registrar to make legally valid. The stamp duty amount is calculated depending on the document's nature. Stamp duty can be paid either through traditional stamp paper or e-stamping.
Traditional stamp paper
This is the old school method of paying the stamp duty, where the stamp duty is printed on a physical paper and the transaction is carried out between the seller and purchaser.
e-Stamping
This is an online method of paying stamp duty on electronically generated stamp papers.
e-Stamping in India
In 2013, the Indian government launched e-stamping to ensure a fast and trouble-free payment process and also minimize fraudulent activities like counterfeit and human errors.
Who holds the authority to grant e-stamps?
The Stock Holding Corporation of India Limited (SHCIL) and the Central Record Keeping Agency (CRA) hold the authority to grant e-stamp certificates in India.
Benefits of e-stamping
- Time saving: e-Stamps are easy to access and can be generated in minutes, thus saving a lot of time.
- Authenticity: e-Stamp certificates are tamper proof and contain a unique identification number (UIN) to ensure that the documents arent genuine. The presence of the UIN prevents duplication of your e-stamp certificate.
- Verifiable: e-Stamp certificates can be easily verified. You can check the authenticity of your certificate here.