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| J&K switches over to e-Stamping System | | | EARLY TIMES REPORT
SRINAGAR, Aug 11:Governor N N Vohra, today promulgated an Ordinance making certain amendments in the Stamp Act, Samvat 1977, to pave the way for the implementation of the Dematting of the Stamps in the State of Jammu and Kashmir.
The implementation of the e-Stamping System in the State will enable the Government to provide prompt and efficient delivery of an essential public service, resulting in proper valuation of properties, cut down the menace of under-valuation of Stamps and earn enhanced revenue for the State.
The e-Stamping System is a secured and reliable Stamp Duty Collection Mechanism, free of paper and process related frauds. The State Government had earlier accorded sanction to the switching over to the e-Stamping System (Dematting of Stamps) and has, towards this objective, already issued a Letter of Intent (LoI) to the Stock Holding Corporation of India Limited (SHCIL).
It is pertinent to mention that Stamp Duty is a tax paid for a transaction performed by way of execution of a document or instrument. In Jammu and Kashmir the said duty is collected under the provisions of Stamp Act, Samvat 1977 (1920 AD). Since, with the passage of time, the State has graduated from the manual mode of operations to the electronic mode, touching almost every sphere of tax administration, it was imperative to extend it to the collection of Stamps Duty as well.
As the State Legislature is not in Session and it was necessary to carry out certain amendments in the Stamp Act for implementation of the e-Stamping System in the State to ensure against recurring financial losses to the State exchequer, the Governor, on the recommendations of the Chief Minister, has exercised the powers conferred by Section 91 of the Constitution of Jammu and Kashmir and promulgated “The Stamp (Amendment) Ordinance, 2010”.
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