The Finance Ministry on Tuesday said States will collect stamp duty at a uniform rate on transactions of shares, debentures and other securities from July 1.
The provisions of the amended Indian Stamp Act, 1899, will come into effect from Wednesday.
With this, the stamp duty will have to be paid by either the buyer or the seller of a financial security, as against the current practice of levying the duty on both. The present system of collection of stamp duty on securities market transactions led to multiple rates for the same instrument, resulting in multiple incidences of duty.
