What Is E Stamp and Everything You Need To Know

Stamp duty must be paid to the national or state authorities for the purpose of: Purchasing, selling, producing a deed, or renting your property. E-stamping, also known as electronic stamping, is a method of electronically paying non-judicial stamp duty to the government. In the past, stamp duty for registering a property had to be paid at the local sub-office. Now, most of the process can be completed online, thanks to the use of the electronic stamp paper online method. In order to make the payment process as fast and hassle-free as possible, the government decided to replace the traditional paper & Franklin stamping method with a digital scheme. Currently, this service is available in 22 states in India. Maharashtra is one of the states that has its own digital stamp duty system.

The Indian e-Stamp paper system was launched in July 2013 by the government of India. The aim of this system is to reduce the number of frauds and errors in the stamp duty returns. In India, e-stamps can be issued by the central record keeping agency, the stock holding corporation of India, SHCILestamp. An authorized collection center (ACC) is an intermediary, like a bank or post office, that issues e-stamps instead of the central register keeping agency (CRA). Different state governments set up different ACCs in India. 

Stamp Duty is a tax that is collected by governments from legal documents used for the transfer of property or property assets. The government levies stamp duty on certain types of documents for the purpose of legally recording certain transactions. The Indian Stamp Act (1899) regulates the levying and collection of stamp duty.

In the past, stamp duty was a tax imposed by governments to fund government programs and initiatives. It is believed that stamps originated in Spain in the 17th century. These taxes were called ‘stamp duties’ because a physical stamp was applied to the document as a means of proving that the document was recorded and that the tax owed was paid. Although stamp duty has traditionally been paid manually, thanks to advances in technology, paying stamp duty online has become an easy and affordable way for businesses to pay their taxes.

Similarly,  E-stamping (or digital Stamping) is a secure and legal way to pay stamp duty online and digitally render stamp papers that can be attached to electronic documents. Basically, it’s an online service that offers electronic stamp process documents. Many businesses provide a digital, easy-to-use documentation workflow that meets state and federal stamp requirements. By digitally stamping paper documents, businesses can expedite the documentation process and securely stamp documents from anywhere and anytime.

The process of E-Stamping is as follows: 

Step 1: Log in to the e-Stamp.com/ website 

Step 2: Upload or Generate a Stamp-able Document Step 

3: Enter Transaction Information for e-Stamping (State, Stamp denominations, First and Second-Party Information, etc.) 

Step 4: Filling in the Application 

Step 5: Submitting the Application to the Collection Centre 

Step 6: Payment (Credit Card, Debit Card, e Stamp Check, Demand Draft, Online Payment, and Online Banking) 

Step 7: E-Stamping the document 

Step 8: Collecting the document and combining it with the required stamp paper sample 

Step 9: Obtaining the E-Stamp Certificate (QR code)

How Do Stamp Duty Payment Slips Get Generated?

For e-stamp paper registration, there are many payment options. The cost can be covered by an account transfer, RTGS, NEFT, cash, or cheque.

1. Click the “Register Now” option on the https://wbregistration.gov.in/(S(izm2kocaeglz13jxbasnro1z))/index.aspx page to access SHCILestamp for the first time.

2. Type in your bank account details, security question, password, and User ID.

3. Enter your password and user ID to gain access to your services. Once you verify using the activation link that was supplied to your registered email, this will take place.

4. Enter your password and enable username to log in.

5. Decide which state you want to pay the stamp duty in.

6. To create a referral number for any amount that can be paid with online banking, a debit card, NEFT, RTGS, or FT, select the “Nearest SHCIL Branch” option. First Party Name, Second Party Name, Article No., Stamp Duty Payable, and Stamp Duty Amount are all mandatory fields in this selection.

7. Bring a printout of your online reference confirmation number on non-judicial stamp paper to your nearby Stock Holding Branch. From there, you may get the e-stamp paper’s final print.

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.