What is e-stamping?

Stamp duty in lieu of transactions such as a property sale or purchase; formation of a business agreement or a deed and others involving financial aspect is to be paid as a share to the government through the purchase of a stamp paper. Read about stamp duty on property transaction. The amount to be paid as stamp duty other than the conventional method of payment can also be paid through an online route or the e-stamping facility. The central government introduced the system to do away with the issue of counterfeiting and make the whole process more simple and error-free.

Nonetheless, the process has not been implemented through the hook and nook of the country i.e. not all states allow payment of stamp duty via e-stamping. While in states like Delhi it is the only route through which the stamp duty payment can be made.

SHCIL: Authority governing e-stamping

Stock Holding Corporation of India Limited or SHCIL has been appointed as the Central record keeping agency or CRA to oversee the process of payment of stamp duty through e-stamping.

Procedure to pay stamp duty through e-stamping

In case you wish to make the stamp duty payment through an online route, you first have to check whether your state allows it or not. In order to confirm it, you can visit the site of SHCIL, wherein you will also find information as to which transactions attract the liability to pay stamp duty.

And if your state allows payment of stamp duty via the online route, you need to fill up the application form detailing nature as well as parties involved in the transaction at the authorised collection centre or ACC appointed by the SHCIL. The submission of the form is to be done along with the payment for stamp certificates and in an online mode payment can be made through debit or credit card, RTGS or NEFT depending on the amount i.e. to be made or via a pay order.

E-Stamping a better option

As each of the e-stamp certificate i.e. generated online bears a unique identification number, its genuiness can be validated through the enquiry option on the SHCIL site as it maintains all the details. Also, the e-stamp generated minutes after the payment transaction is completed is tamper-proof. Nontheless, if in case one happens to lose it, the same shall not be re-issued. Also, the request for cancellation of the e-stamp can not be made at the authorised collection centre which issued the e-stamp and instead can be made only at the premise of SHCIL.

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