Depending upon the Instrument, it may be based upon the Market Value, Area, or other various criteria. Even instruments executed outside the State are liable to duty within 3 months on their receipt in the State, provided it relates to a property situated in the State or a matter or thing to be done in the state. Step 2: Click 'Pay Without Registration' if you are not registered with the portal. With the objective of bringing uniformity in the stamp duty levied on securities transactions across states, the Government of India amended the Indian Stamp Act 1899 (revised Act), through Finance Act, 2019, and the relevant Stamp Rules . bodies or local authorities e.g. EXCISE BOND, See Customs Bond or Excise Bond (Article 28). function MSFPpreload(img) 9.3 E-payment through Government Receipt Accounting System (GRAS): Virtual Treasury, Insection 10of the principal Act, after sub-section (3), the following sub-section shall be inserted, namely :, (3A) The procedure to regulate the use of e-payment, through Government Receipt Accounting System (G.R.A.S.) The amended stamp duty rate prescribed by the Finance Act, 2019 stipulates that for issue of security other than debenture, a stamp duty of 0.005% shall be payable . (ii) Maharashtra Stamp Act [1958 : Bom. ARTICLES OF ASSOCIATION OF A COMPANY Where the Company has no share capital or nominal share capital or increased share capital. The same duty as is leviable on a conveyance under clause (a), (b) or as the case may be (c) of Article 25, on the market value of the share, interest, part or claim renounced. Insection 39of the principal Act, in sub-section (1), in sub-clause (b), in the first proviso, for the word double the words four times shall be substituted. COMPOSTION DEED, that is to say, any instrument executed by a debtor whereby he conveys his property for the benefit of his creditors or whereby payment of a composition or dividend on their debts is secured to the creditors, or whereby provision is made for the continuance of the debtor's business under the supervision of inspectors or under letters of license for the benefit of his creditors. The same duty as is leviable on a Conveyance under clause (a), (b) or (c), as the case may be, of article 25, on 90 % of the market value of the property. Both the parties shall put in writing the terms of the agreement on the document or in case of a gift deed, the property that is being gifted and get it signed. STAMPS TO BE USED -- Non-Judicial Stamp Paper Rule 6 or Special Adhesive Stamp Paper Rule 10 (ii). (a) of a bill of exchange, cheque or promissory note; (b) of a bill of lading, delivery order, warrant for goods or other mercantile document or title to goods; (d) of securities of the Central Government, STAMPS TO BE USED -- Non - Judicial Stamp Paper, Rule 6 or Impressed Label/Special Adhesive Stamp [see Rules 10 & 11. HIRING AGREEMENT or agreement for service, see Agreement (Article 5). ; (ii) in sub-clause (iii), in column 2 , for the figure and words 3 per cent. the figure and words 4 per cent. Shall be substituted. Insufficiently stamped documents are not admitted as evidence in the court. The concession is applicable to Mumbai Metropolitan Region, Pune, Nagpur and Pimpri Chinchwad. ; (b) in Article 34, in column 2, in the above proviso,- (i) for the words at the same rate as specified in this article or at the rate of rupees ten for every rupees five hundred or part thereof on the market value the words and figure at the rate of 3 per cent. 100. However, as a general matter we believe the changes will achieve uniformity and affordability. Explanation II-For the purposes of this Article ,any new instrument executed for additional loan or extension of previous loan shall be treated as a fresh instrument and chargeable with the duty to the extent of additional amount being secured or disbursed or sanctioned. STAMPS TO BE USED -- Non - Judicial Stamp Paper Rule 6 or Impressed Label/Special Adhesive Stamp Paper Rule 10(ii). Stamp duty on mortgage under article 40(b) of schedule I of the Act, when possession is not given or agreed to be given and if the amount secured is less than Rs.5 lakhs then the Stamp Duty shall be 0.1% of the amount secured subject to a minimum of Rs.100. Earlier it was charged under article 25(b) which amounted to 5% on Market Value of the premises. 0.2 % of the amount agreed in the contract. if(MSFPhover) { MSFPnav4n=MSFPpreload("../_derived/next_cmp_Profile110_next.gif"); MSFPnav4h=MSFPpreload("../_derived/next_cmp_Profile110_next_a.gif"); } (276 kb) Date : Jul 01, 2020. STAMPS TO BE USED -- Adhesive Stamp (Section 11). Sale Certificate issued by any competent office or authority under any Recovery Act, Agreement relating to the Deposit of title deeds, where such deposit has been made by way of security for the repayment of a loan or an existing or future debts. The Amended Stamp Act clarifies that no stamp duty shall be charged on any instrument (other than the principal instrument) on a single transaction. (a) If accompanied by articles of association under section 26 of the Companies Act, 1956, (I of 1956). And every order made by the Board for Industrial and Financial Reconstruction under Section 18 or 19 of the Sick Industrial Companies (Special Provisions) Act, 1985, in respect of sanction of scheme specified therein or every order made by the National Company Law Tribunal under Section 31 of the Insolvency and Bankruptcy Code,2016, in respect of approval of resolution plan. 3,q~KQLa5})lDUau2Pyq?P|#K:G::w;9,8izk+x5o/y% hn;p#glsf VK>KJU|p7y6#&Q oFa#K/ Stamp duty is chargeable on an instrument and not on a transaction. 9.15 Mandatory provision for furnishing information called by CCRA or any authorized Officer. 5 (a) to (g) adhesive under section 11, for Art. <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 595.2 842.4] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> AWARD, that is to say, any decision in writing by an arbitrator or umpire, on a reference made otherwise than by an order of the Court in the course of a suit, being an award made as a result of a written agreement to submit, present or future differences to Arbitration but not being an award directing a partition--. . Seal of the office. the difference in the stamp duty had to be paid within three months from the receipt of the Debenture Trust Deed in state of Maharashtra , but the same has not been paid. 5 lakhs, rate of stamp duty is 0.3% of the secured amount.. Rate of stamp duty has been increased from 0.2% . STAMPS TO BE USED -- Non-Judicial Stamp Paper under Rule 6 or Special Adhesive Stamp affixed by Proper Officer under Rule 11. Researched and authored articles published on the firm's website and weekly newsletters. (2) Letter of hypothecation accompanying a bill of exchange, ARTICLE 10 ARTICLES OF ASSOCIATION OF A COMPANY. ARTICLE 36A LEAVE AND LICENSE AGREEMENT. 0.3% of the amount secured by such deed subject to maximum of Rs. The same duty as is leviable on a conveyance under clause (a), (b) or (c), as the case may be, of article 25 on 25 % of the market value of the property. In the absence of any such agreement, the Act provides that in the case of a Conveyance, duty is to be paid by a buyer and by the lessee in case of a lease. 59 of 2017 . Revocation of -- of, or concerning, any property when made by any instrument other than a Will. 5,000, is leviable with Re. PAYMENT OF STAMP DUTY 4.1 S.17 of the Act provides that all instruments chargeable with duty and executed in Maharshtra should be stamped before or at the time of execution or immediately thereafter or on the next working day following the date of execution. STAMPS TO BE USED- Non - Judicial Stamp Paper Rule 6 or Special Adhesive Stamp Paper under Rule 10(ii), MORTGAGE DEED, not being an agreement relating to Deposit of Title Deeds, Pawn or Pledge or Hypothecation (Article 6), Bottomry Bond (Article 14), Mortgage of a Crop (Article 41), Respondentia Bond (Article 53), or Security Bond or Mortgage Deed (Article 54)-. Explanation I-For the purpose of clause (b),''Securities means the securities as defined in clause (h) of section 2 of the Securities Contract (Regulations) Act 1956. 1stApril, 2021. Maximum 400%. 0.2% on share capital or increased share capital ,as the case may be subject to a maximum of Rs. If you are a registered user, fill in the login details. The act of payment of stamp duty on a document is known as stamping. x[o: ?EwK0]b=3CY:NtVL?HzrY{U5>"ru\0Nf7f~?>Vtr5}|i(?k#h V 4M}EdL1'Cgy&LDjM Stamp Duty is payable under Section 3 of The Maharashtra Stamp Act. While the amendments to Stamp Act were initially scheduled to come into force on 9 January 2020, however, the Ministry of Finance postponed the effective date of the amendments to 1 July 2020. (c) for the sole purpose of enabling any person to receive any pension or charitable allowance. Forsection 68of the principal Act, the following section shall be substituted, namely : 68. Insection 40of the principal Act, after the words hereinafter prescribed the words with the prior approval of the Additional Controller of Stamps, Mumbai for the areas in Mumbai City and Mumbai Suburban Districts and for the other areas the Deputy Inspector General of Registration and Deputy Controller of Stamps shall be added. After announcing a stamp duty in Maharashtra rate cut in August 2020, the Maharashtra government decided not to extend waiver on Stamp duty and registration charges in Maharashtra beyond March 31, 2021. In case of exchange, it is to be paid by the parties in equal shares and in case of partition, by the parties in proportion to their respective shares. (ii) the Municipal Corporations of the Cities of Thane, Pune, Nagpur and Navi Mumbai-. As per Section 2(23A) of Indian Stamp Act, the term "securities" shall include securities as per Section 2(h) of Securities Contracts (Regulation) Act, 1956 , i.e. (c) where such share contribution is brought in by way of property, excluding cash. Section 5 of the Act has been substituted and shall be deemed to have been substituted with effect from the August 11, 2015, with the following: The act basically specifies the amount to be paid to state authorities. It cannot be in the name of the Consultants, Solicitors, Chartered Accountant or Lawyer of the parties. ** Amount given is leviable only if the Memorandum of Association (MOA) is accompanied by Articles of Association (AOA). The Maharashtra Stamp Act extends to the whole of the State of Maharashtra. Maharashtra. 100/-. as mentioned in sub-section (1) as a proper officer for defacing the challan and making the endorsement on such instruments. - For the purposes of this Article, return of money paid as advance, on security deposit by lessee to the lessor shall not be treated as consideration for the surrender. if(MSFPhover) { MSFPnav5n=MSFPpreload("../_derived/back_cmp_Profile110_back.gif"); MSFPnav5h=MSFPpreload("../_derived/back_cmp_Profile110_back_a.gif"); } stream Maharashtra Stamp Act, 1958. . . 50,00,000. Maharashtra Stamp Act Latest Breaking News, Pictures, Videos, and Special Reports from The Economic Times. The Bombay Stamp Act, 1958 now known as the Maharashtra Stamp Act, 1958 ("MSA") which came into force on 16th February, 1959 is the law for stamp duty within the State of Maharashtra. The same duty as is leviable under clause (a), (b) or (c) of Article 25 on the amount of Consideration. After April 2020, stamp duty collection in Maharashtra experienced many ups and downs. The amendments to the Indian Stamp Act 1899 (Act) have come into effect from 1 July 2020. 9.1 Additional Controller of Stamps, Mumbai : New Statutory Authority, Insection 2of the Maharashtra Stamp Act (hereinafter referred to as the principal Act), before the existing clause (a), the following clause shall be inserted, namely :. Now, with the passage of this bill, this one year set-off period has now been extended to three years. The Penalty on the instruments mentioned in the Appendix is reduced to ten per cent of total penalty on the deficient portion of the duty. 63. Explanation III. (b) Where such leave and license agreement purports to be for a period exceeding 60 months with or without renewal clause; Same duty as is leviable on lease, under clause (ii), (iii) or (iv), as the case may be, of Article 36. Instrument of partition means any instrument whereby co-owners of any property divide or agree to divide such property in severally and includes: a final order for effecting a partition passed by any revenue authority or any civil court, an award by an arbitration directing a partition, and, when any partition is effected without executing any such instrument, any instrument or instruments signed by the co-owners and recording, whether by way of declaration of such partition or otherwise, the terms of such partition amongst the co-owners. (1) The deposit of title deeds or instrument constituting or being evidence of the title to any property whatever (other than a marketable security), where such deposit has been made by way of security for the repayment of money advanced or to be advanced by way of loan or an existing or future debt; (a) if the amount secured by such deed does not exceed Rs. 50 or an amount equal to 5% of the amount of consideration ,whichever is higher, (2) having area more than 27.88 squares meters (300 square feet), (i) any advertisement on mass media, made for promotion of any product; or programme or event with an intention to make profits or business out it,-. B. endobj The Finance Act, 2019 ('FA 2019'), has prescribed certain amendments in the Indian Stamp Act, 1899 ("the ISA") with the intent of creating a mechanism which would enable the State to collect . 1000 and maximum of Rs.50,00,000. The Maharashtra government opted not to extend the waiver on stamp duty and registration expenses in Maharashtra beyond March 31, 2021, after announcing a rate drop in August 2020. The Maharashtra Stamp (Second Amendment) Act, 2017 have increased the percentage of stamp duty in certain cases under Article 25 and Article 34 of Schedule I to the Maharashtra Stamp Act, 1958. CONTENTS SECTIONS Page No. Any officer not below the rank of Collector having sufficient reason to believe that, it is necessary to inspect or call for any registers, books, records including a diskette, magnetic cartridge tape, CD-ROM or any other computer readable media or any electronic record mentioned under clause (t) of sub-section (1) of section 2 of the Information Technology Act, 2000, papers, documents, instruments or proceedings which may lead to the discovery of any fraud or omission in relation to any duty, shall, at all reasonable times may himself or through any officer authorised by him in this behalf, who shall be not below the rank of Gazetted GroupB officer or Sub-Registrar, Grade-I appointed under the Registration Act, 1908 or Inspector of Stamps, enter in any premises and inspect the same in the custody of any person, office, firm or any other entity and take such notes and extracts as he may deem necessary, without payment of any fee or charge, and if necessary, seize and impound only the chargeable documents as per the provisions of section 33 . These amendments were earlier discussed by the Maharashtra Cabinet and approved on December 9, 2020. 1 of 2021), introduced le 348 of the Constitution of By order and m th xa Legislative Assembly on ng translation in English of tl Bill, 2021 (L. A. LETTER OF ALLOTMENT OF SHARES in any company or proposed company, or in respect of any loan to be raised by any company or proposed company. MCA;- Stamp Duty Rates in Various States. Recently Maharashtra Government has allowed online registration of first sale agreement of developers approved by the Stamp duty and Registration Authorities. 20,00,000/-. Duty can be paid by way of adhesive or impressed stamps or e-franking on the instruments and duly stamped documents are only admitted as evidence in court. 18. If the property is sold by Govt. Stamp Duty is payable under Section 3 of The Maharashtra Stamp Act. Such impounded instruments must be sent to the Collector who would then determine the amount of duty and penalty, if any, payable on the same. Controller of Stamps, Mumbai. Stamp duty in Maharashtra depends on whether the property is urban or rural, total transaction value, etc. 0.1 % of the amount agreed in the contract subject to minimum of Rs.100. - For the purposes of this Article, the value of shares, scrip or stock includes the amount of premium, if any. (i) within the limits of any Municipal Corporation or any Cantonment area annexed to it or any urban area not mentioned in sub clause (ii). endobj Llb 1 sem hons law law of contract 1 5105 mar 2020; Common law remedies against pollution; . 10 May 2022 8:48 AM GMT All Development Agreements signed between September 1, 2020 and March 31, 2021 would qualify for 1.5-2% refund of stamp duty as per the scheme announced by the. // -->