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Govt to carry out uniform stamp duty on transfer of capital market instruments from July 1

The governing administration will put into practice the uniform stamp duty on transfer of shares, debentures, futures, options, currency and other capital market devices from July 1.
The rationalized method by means of centralized selection mechanism is envisioned to guarantee minimization of charge of collection, enhancement of revenue efficiency, capital formation and relieve of performing business enterprise, though minimizing jurisdictional disputes.
“The system will aid develop equity markets and equity lifestyle across the length and breadth of the region, ushering in well balanced regional progress,” the finance ministry reported in a statement Tuesday.
The govt had launched alterations to the Stamp Duty Act past calendar year by introducing a uniform rate of stamp duty on trading of shares and commodities which was currently being charged at different prices by diverse states.
The adjustments were to be implemented from January 9 this year, but the measure was later on postponed to April 1 and then to July 1, through a notification issued in March.
Subsequent the assertion from July 1, inventory exchanges will acquire stamp duty on buying and selling shares and commodities on exchanges, when depositories will collect on off-market transactions, and deposit the proceeds with the central governing administration, which will then be divided between states. Even though the previously guidelines gave gain to some states as they supplied reduce fees for companies to get integrated, the new rules will deliver in parity among all states.
From July 1, the rate of stamp duty will change for debentures, transfer of demat securities, futures, options, currency and interest rate derivatives, government securities and repo on company bonds. Off-market transactions, including transfer of shares at the time of inheritance, gifts and transactions in unlisted securities amid many others, will also be billed a fee.

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