What is the stamp duty for bill of exchange?
Stamp duty is not payable on Bill of Exchange with usance period up to 90 days whether drawn on the Bank or not. Bill of Exchange drawn on Indian importers and foreign buyers in the case of exports beyond 90 days usance, attracts stamp duty.
Does bill of exchange need to be stamped?
The bill of exchange must be payable to a certain person. The amount mentioned in the bill of exchange is payable either on demand or on the expiry of a fixed period of time. It must be stamped as per the requirement of law.
What is the current stamp duty rate in Gujarat?
In Ahmedabad, stamp duty is charged at 4.9 percent and the registration fee is one percent of the market price of the property or the transaction value, whichever is higher….
| Stamp Duty rates in Ahmedabad in 2021 | |
|---|---|
| Basic rate of stamp duty | 3.5 percent |
| Surcharge @ 40 percent on basic rate | 1.4 percent |
What is stamp duty on promissory note?
At present, the stamp duty is levied at an average rate of 0.375% ad valorem (as a percentage of the value of issue) on debentures while promissory notes attract a duty of 0.05%. The rates vary across states.
What is Bill entry?
A bill of entry is a legal document that is filed by importers or customs clearance agents on or before the arrival of imported goods. It’s submitted to the Customs department as a part of the customs clearance procedure. The bill of entry can be issued for either home consumption or bond clearance.
What does a bill of exchange contains?
A bill of exchange often includes three parties—the drawee is the party that pays the sum, the payee receives that sum, and the drawer is the one that obliges the drawee to pay the payee. A bill of exchange is used in international trade to help importers and exporters fulfill transactions.
Has Gujarat reduced stamp duty?
With the Maharashtra government taking the lead and reducing stamp duty charges in the state, property buyers in other states like Gujarat are also looking forward to a similar announcement. Over the years, the stamp duty Gujarat has come down from 16% to 4.9%.
What is difference between ProNote and promissory note?
Promissory note or ProNote is a legal document by which a monetary liability is created on the promisor in favour of a promisee. Promissory notes are mostly used by businessmen while lending unsecured loans. In this article, we look a the basics of pronote in India.
Which bill is made after a particular period of time?
A bill of exchange payable after certain period is known as after date bill.
What is the stamp duty rate in Gujarat?
In Gujarat Basic rate of Stamp duty is 3.50% and Total rate is 4.90% i.e., Rs. 4.90 for every Rs. 100/- need to be paid as stamp duty for Gujarat Property Registration. The registration fee is 1.05%. Here is a table showing Stamp duty rates in Gujarat for different documents, and agreements.
How long is stamp duty payable in India?
The rate of stamp duty is given in Entry no. 13 of Schedule 1 to the Indian Stamp Act, 1899. It is too detailed to give in the limited space available here. In case of bills of exchange drawn on the importer, stamp duty is payable for usance period beyond 90 days.
When is stamp duty payable on bills of exchange?
In case of bills of exchange drawn on the importer, stamp duty is payable for usance period beyond 90 days. It is not payable on bills of exchange with usance period of up to 90 days. Under a letter of credit, the bill of exchange is drawn on the issuing bank and not on the importer.
When was the Stamp Act established in Gujarat?
Stamp value varies from region to region, and also on the value of the deed or transaction being executed. The Gujarat State Stamp Act, 1958, was established based on the Bombay Stamp Act, 1958 (specifically refers to electronic records).