STATES FOR UNIFORM STAMP DUTY ON DEBIT INSTRUMENTS

India’s moribund debt market is set to finally get a leg up with State Governments granting an in-principle approval to rationalize stamp duty on a host of financial instruments including debentures and promissory notes. Reforms have long been in the offing in the local debt market but a major stumbling block has been the levy of stamp duty. A sub-group set up by the standing committee of finance secretaries on stamp and registration has decided to recommend uniform stamp duties on these financial instruments across all states.