Amendments in Schedule-1 of the Indian Stamp Act, 1899 have been enforced. On agreements pertaining to advertisements, 0.25 percent stamp duty will be payable on total amount of return. This amount of stamp duty would be minimum Rs 500 and maximum Rs 25,000. On work contract, 0.25 percent stamp duty will be payable on security amount. This amount would be minimum Rs 500 and maximum Rs 25,000.
Now, on sale cerificate, stamp duty will be payable at market value or purchase amount, whichever is more. Earlier, duty was payable on only purchase amount. Stamp duty rates have been halved on lease for over 5 year and below 10 years, over 10 years but below 20 years and over 20 years but below 30 years. For these periods, stamp duty of 0.5 percent, one percent and 2 per cent, respectively will be payable. language of clauses of the lease has also been simplified for convenience of common people.
Separate provisions have been made for mining lease. Accordingly, stamp duty of 0.75 percent will be realised on total amount payable under mining lease. Stamp duty will be levied on the value shown in document in case of patta given by or on behalf of municipal corporation. Till date, this duty was payable at market value. If lease and license or conducting licences’ documents pertaining to immoveable property and are of nature of patta, they would be regarded as patta documents.
Now, Rs 5000 stamp duty will be payable on revolver and pistol and Rs 2000 on arms other than them. For renewal of these licenses, Rs 2000 and Rs 1000 stamp duty will be payable, respectively.