E Stamp: A computerised procedure known as “e Stamping,” or “Electronic Stamping,” allows anyone to pay non-judicial stamp duty to the government. It’s an online method that makes stamp duty payment easier and more convenient for consumers. By guaranteeing that the government receives the required stamp duty, stamping renders a contract legally enforceable. The contract is made legally enforceable and validated by the stamping procedure.
Time and Effort in Manual Stamp Duty Payments
However, it takes time and extra work to pay stamp duty by hand and have documents physically stamped, which is undesirable for the efficiency of the company. With the introduction of electronic stamping, businesses can quickly and easily get their documents stamped. Applying a stamp makes the transaction document tamper-proof and is a convenient process. In order to complete the transaction, the process also serves as evidence that the user has paid the applicable stamp duty to the government.
Step-by-Step Guide to Purchase E-Stamp Paper
- Visit the SHCIL Official Website https://www.stockholding.com/estamp-index.html
- Select the State and District
- Enter Transaction Details
- Calculate Stamp Duty
- Make Online Payment
- Generate E-Stamp Certificate
- Download the Certificate
- Verify the Certificate
- Print the E-Stamp Paper
- Use for Legal Transactions
Revolutionizing Stamp Duty
In July 2013, the Indian government introduced the e-stamping service. The goal of this programme was to reduce errors and fraud related to stamp duty payments. In India, e-stamp certificates can only be issued by the Central Record Keeping Agency (CRA), also known as the Stock Holding Corporation of India Limited, or SHCIL. Instead of CRAs, authorised collection centres (ACCs), which are scheduled banks or post offices, are the designated middlemen in charge of issuing e-stamp paper.
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