Traditionally, parties are required to purchase stamp paper from stamp sellers or to frenchize the document. However, in 2008, the Karnataka government, in collaboration with the Holding Company of India Limited (“SHCIL”), implemented a simpler and more practical method to combat and prevent fraudulent practices in the registration and transaction of branded paper, electronically acoding stamp paper and paying the corresponding stamp tax online via its website. www.shcilestamp.com. SHCIL has also designated authorized collection points (“ACC”) that can issue electronic stamp paper to users at their respective outlets or at banks, for a fee. In India, the collection of stamp duty is subject to two laws, namely a stamp law prescribed by the Law of Parliament and a Stamp Act, which is governed by the legislative law of each state. Article 246 stipulates that Parliament may enact laws on stamp duty rates with respect to exchange rates, cheques, notes, car letters, letters of correspondence, insurance policies, transfer of shares, bonds, proxies and receipts, and the Legislative of State may legislate on all matters other than those mentioned above. The physical transfer of ownership is not considered valid in the eyes of the law. To validate such a real estate transaction, the buyer must pay stamp duty, as proof of the purchase has been provided. Stamp duty is therefore the tax paid by the state at the time of the real estate transaction and has the transfer certificate properly kept in court.
Please prepare recokner for maharshtra stamp duty payable for credit transaction documents The WEBSITE SHCIL lists transactions that require stamps. However, in light of Covid-19, electronic stamp paper can only be obtained on the website in the case of a declaration and agreement under oath (in other cases) pursuant to Articles 4 and 5J. Parties can use the verification function on the SHCIL website to ensure that the names of the parties and the details of the transaction are correct. In addition, printing electronic stamp paper is permitted for up to 180 days from the date of the transfer. Note that payment can only be made online by debit card, NEFT or UPI. After payment, the electronic stamp paper can only be printed once per transaction. These are the documents on which the Union or the central government collects a stamp duty. In addition, national governments may also impose taxes on certain documents. Apart from the above discussion, state governments, including the Karnataka government, have introduced the concept of electronic stamps.
The electronic stamp in the state of Karnataka is governed by the rules of the Karnataka brand (payment of using e-stamping) 2009 (rules).