Now that digital technology has advanced, people can pay their stamp duty online. The Electronic Stamping, or E-Stamping, facility has addressed a lot of the concerns of the property buyer. Let’s learn everything there is to know about E Stamp Duty and how it is paid online.
With e-stamping, you may pay the stamp duty for any real estate transaction online and save the inconvenience of having to go to the authorized office. This facility was introduced by the government in 2013 to simplify the non-judicial stamp duty payment process.
Many Indian states, including Delhi, have e-Stamp facilities available online, and residents of these states can use SHCIL to pay their e-Stamp duty. Mumbai residents, however, are unable to use e-stamping yet but can pay the stamp duty through eSBTR.
What purpose does stamp paper serve?
It is necessary in order to pay the stamp duty for a real estate transaction. By purchasing stamp papers at various prices set by the government, the payments are made to the authority. You will receive a receipt as verification of your payment after the fee has been paid. You can use this receipt as a reference in the future.
You would imagine the procedure to be simple. But it’s not as easy as it seems. There are three ways to pay for stamp duty:
1. By electronic stamping
2. By non-judicial stamp papers
3. By Franking device
For those who are familiar with technology, the e-stamp paper payment method is the simplest. It should be mentioned that when paying using franking devices, there is an additional franking fee.
Electronic Stamp in India:
In India, payment is made through an electronic stamp:
As previously reported, the Indian government began accepting payments using electronic stamps in India in July 2013. It was developed to stop many instances of counterfeits and errors with e-stamp papers that are now occurring in India. SHCIL is the abbreviation for the primary organization in charge of keeping track of every e-stamp procedure in our nation. Stock Holding Corporation of India Limited is referred to as SHCIL. The SHCIL is authorized to manage users, administer users, and keep track of e-stamping systems and their indexes. Additionally, it offers certificates to individuals who require them via its “Authorized Centres.”
What advantages can electronic stamps offer?
Electronic stamps offer a number of benefits. As follows:
1. E-stamps can be made in a short amount of time.
2. Every type of data is protected by DOQFY, and they are leakage-proof.
3. They are genuine, and their authenticity can be verified online with the help of the site’s inquiry module because each electronic stamp creates a distinct id number.
4. The documents are digital, so there is no paper waste.
We may therefore infer from the aforementioned data that electronic stamping is a useful method of paying stamp duty for any real estate transaction.
The best part is that you can do it in the convenience of your own home. As a result, it reduces your transportation costs as well as those of the government and other entities. Furthermore, the procedure also saves time. So why wait?
Use DOQFY – a leading digital documentation, e-signature & e-stamping platform. Register today to start e- stamping for agreements & contracts like many businesses & individuals are doing!