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Saturday, 13 October 2018

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After GST, government is moving towards another reform in business

After GST, government is moving towards another reform in business



After the Goods and Services Tax (GST), the Government is moving towards another major reform to increase the 'Ease-of-Doing' business in India. On the transfer of any financial instrument, including stocks, debentures, the government is preparing to implement the same stamp duty rate across the country.

This move will be similar to the major change in the tax system last year i.e. GST, which united dozens of states and centers tax. Under the new reform, the government wants to make stamp duty equal in the whole country. Stakeholders have also made changes for the hundred years old law.

Due to variation in stamp duty, people often do transactions through states where rates are low. Market Regulatory Securities and Exchange Board of India (SEBI) had earlier advised the states to make stamp duty similar or forgiveness on financial transactions through electronic medium.

Efforts have been made to change the law of 1899 for the uniform stamp duty rate, but the states rejected this appeal because they do not want to lose rights on stamp duty.

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