Every business agreement has a fee that needs to be paid called stamp duty. Whether it is a lease agreement or a business deal, stamp duty is an integral part of the transaction. Even though it is such an essential part of every process, it is quite a cumbersome trial. Sandeep Jain, the founder of a Delhi based 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. 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. Depending upon the nature of the transaction, the central or state government will set stamp duty.
Introduction of E-Stamping
To curb this problem, the Indian government introduced e-stamping to tackle counterfeiting and make the payment of stamp duty easier and glitch-free. Due to the progression of e-stamping, it is now compulsory to implement e-stamping in Delhi as of 2021. The task of e-stamping has been delegated to the Stock Holding Corporation of India (SHCIL).
Process of E-Stamping
The process is simple and seamless. First, visit the SHCIL website. The next step is to check if your state’s government allows e-stamping. The site has information on which transactions require stamping and addresses of collection centres. If the option is available in your state, you have to fill an application form at an ACC. This application form should have details of the parties involved and the transaction for which it is to be used. This form is to be submitted along with payment for the stamp certificate.
Benefits of E-Stamping
There is a whole world of reasons to adopt e-stamping.
- Time-saving – It can be generated in minutes.
- Tamper-proof – The data is kept as safe as possible.
- Exclusivity – E-stamping can be verified only over the internet. This is done with a very genuine and unique identification code that is also generated online.
And as mentioned before, E-stamping is a much more economical option as well.
With the help of Doqfy’s stellar services, e-stamping is done quite quickly. Our legal team will guide and help you through each step of the process. Other services provided by Doqfy are franking, notarization, and encumbrance certification.