Taking cue from central government?s successful initiative of e-payment of taxes, state governments are trying to make a few steps in the tax and duty collection process easier, tamper-proof and accessible. E-stamping is one such initiative that several state governments have started eyeing in the recent past.
The traditional stamp duty payment systems have perhaps been one of the contentious issues as the stamp paper has bred multiple scams and cases of misuse. Globally, India is the third country to adopt e-stamping after Singapore and Hong Kong, said a senior official of Stock Holding Corporation of India Limited (SHCIL), the sole central record keeping agency to administer e-stamping in India through a network of authorised collection centres.
E-stamping is a major e-governance initiative in the country. Delhi and Gujarat were the first states to start a paperless e-stamping system. Inspired by this successful implementation, Maharashtra, K?taka and Assam, too, have deployed the system.
??SHCIL is responsible for all e-stamping operations. The collection centres are responsible for collecting stamp duty and remit the same to the respective state government treasury within the prescribed timelines.?? the official said.
While it may still involve one visit to the appointed ACC to complete the process, the benefits accrued are manifold. SHCIL has developed a unique system of stamp duty collection and a secure and tamper proof remittance mechanism of funds collected by way of stamp duty to the state government.
Having stamp duty paid via the e-stamping system, the record created is 100% tamper-proof, accurate and secure and is accessible 24×7 for verification by all parties involved in the transaction based on a unique identification number. This web-based secured system offers complete protection. A stamp certificate is generated by the system on the payment of stamp duty. The certificate comes with a unique identification number and its authenticity can be verified with the help it, the official added.
“E-stamping is a win-win situation for both the government and citizens. It will substantially save the cost and effort towards printing, storing, controlling, distributing and commissioning the vendors for the sale of stamp paper and will eliminate physical movement of documents, waiting period, risk of losing documents etc,” the official pointed out.
