Telangana: More items brought under the ambit of stamp duty; charges hiked
Hyderabad: More business transactions have been brought under the ambit of stamp duty, while stamp duty charges have also been hiked. The Legislative Assembly passed The Indian Stamp (Telangana Amendment) Bill, 2021 to this effect on Thursday.
Minister for roads and buildings Vemula Prashanth Reddy, who moved the Bill in the House on behalf of the Chief Minister, said that the amendment was made to include more business transactions in the purview of the Act.
He said the minimum price of a revenue stamp was 20 paise at present, which is being affixed on stamp papers of Rs 100 for various business transactions. The minimum price of revenue stamp has now been increased to Rs 1.
A minimum of Rs 2,000 charges or 0.5 per cent of the amount agreed (whichever is less), will be collected on business transactions pertaining to advertisement on mass media, exclusive rights of telecasting, broadcasting or exhibition of an event or film with an intention to make profits or business out it, assignment of copyright under Copyright Act, 1957.
A minimum of Rs 10,000 or 0.2 per cent of the amount agreed (whichever is less) will be collected on BOT projects or Rs 2,000 or 0.2 per cent (whichever is less) on the performance of any art or skill by person or persons.
In respect of amalgamation, merger, demerger of companies, Rs 2 for every Rs 100 of the market value of the immovable property located within the state of the transferer or the company will be collected or the aggregate of the market value of the shares issued or allotted in exchange.
The other new business transactions that were brought under the ambit of stamp duty included instruments of any partnership, surrender of lease, works contract etc.
The minister stated that the new charges will not burden the common people as they relate to business entities.
