Payment of stamp duty on transfer of share in Mumbai

[komal jain]

Hello all..

What is the rate of stamp duty and mode of making payment of the same on transfer of shares in case of private company in Mumbai. 

Thanks 

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Thanks & Regards 

CS Komal Jain 

Founder Partner

Contact No. +91-7383119361, 8866632290

 

K K Jain & Co. LLP 

Company Secretaries

Mumbai | Delhi | Surat | Guwahati

Head Office: 

405 -  Tower No. 2, Acme Oasis, 

B/h. Mahindra & Mahindra IT Centre, 

Akruli Road, Kandivali (East), 

Mumbai - 400101

[franc...@gmail.com]

w.e.f 01.07.2020, there has been changes in stamp duty on various transaction of shares, debentures and other securities. The rate is common irrespective of the state. stamp duty for transfer of shares is 0.015% ie Rs.15/- for Rs. 1 lakh. for other rates see the attachment

[Asha Thesiya]

Hi,

What will be stamp duty on the issue of fresh physical shares by Private Limited Company

Pls help 

Thank You

[CS V Kartik]

It's 0.1% of the total amount.

Kartik

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[Asha Thesiya]

Thank You 

Okay so 0.005% is for transfer of securities only?

[komal jain]

Thanks a lot for reply

How can we make payment of stamp duty ? 

-- 

 

Thanks & Regards 

CS Komal Jain 

Founder Partner

Contact No. +91-7383119361, 8866632290

 

K K Jain & Co. LLP 

Company Secretaries

Mumbai | Delhi | Surat | Guwahati

Head Office: 

405 -  Tower No. 2, Acme Oasis, 

B/h. Mahindra & Mahindra IT Centre, 

Akruli Road, Kandivali (East), 

Mumbai - 400101

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[CS V Kartik]

If amount is <₹5,000/-, pay the same via Gras & get it franked. If it's >₹5,000/- pay via e-SBTR & get it franked.

Kartik

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[Ankita Dhabhai]

Dear Kartik Sir,

As per revised stamp duty it should be 0.005% on an allotment of shares.

please confirm.

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ANKITA DHABHAI (Company Secretary)  Mobile     +91-9167375508 Email       ank...@dhabhai.company  cs.an...@gmail.com

[satish Jain]

in case of esbtr no franking is required?

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[CS V Kartik]

That concerned bank will do which is like franking.

Kartik

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[Asha Thesiya]

Hello, 

Kartikji can you pls help me how to select the office name while paying stamp duty through e-STBR.

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Thanks & Regards,
Asha Thesiya

7666018323

[Abhishek Singh]

Dear All,

The Rate of Stamp Duty on Share Certificate on and after 01.07.2020 is  0.005% of Consideration and

The Rate of Stamp Duty on Share Transfer on and after 01.07.2020 is 0.015% of Consideration

Earlier i.e. before 01.07.2020 its was 0.1% on Share Certificate and 

                   before 01.07.2020 its was 0.25% on Share Transfer

if your Stamp Duty Amount is less than Rs.5000/- in the state of Maharashtra, you can pay the amount through GRAS Website i.e. 

https://gras.mahakosh.gov.in/echallan/

(These steps are applicable for both: Payment of Stamp duty for Share Certificate and Share Transfer)

 

Go for Pay Without Registration

Select IGR

Department: Inspector General of Registration

Payment Type: Non-Judicial Stamps

District: Mumbai (Select as per your Regd. office address)

Office Name: General Stamp office Mumbai

Scheme Name: Purchase of Franking Code SOS Mumbai Only

Period Year: 2020-2021.........Period: One Time / Adhoc

Article Code: Nothing (You don't have to select anything here)

Amount: Rs.100/- (Fill the amount of Stamp Duty you want to pay: Remember that this amount should be less then Rs.5000/- and you can pay the stamp duty for more than 1 Share certificate or 1 Share Transfer)

Department Tax ID/TAN: leave blank..................PAN: AAAAA1234A (Fill the Pan No. of Stamp Duty Paying Party) Normally Co.'s Pan No. is mentioned overhere

Name: Name of the Company

Address: Address of the Company

Mobile No. : You can mention the Mo. No. of any authorised Person or yours

Remarks: Payment of Stamp Duty on 1 No. of Share Certificate (Write as per your requirement)

Then Pay and generate MTR-6 Challan, make a Application Letter to The Additional Controller of Stamps (Letter Attached herewith) Take on the Company's Letter head Signed by Any Authorised Signatory (Make 2 Copies of the Same : 1 for Stamp office and another for Acknowledgement)

Then go to Stamp office : Near Central Library, Fort. and Submit the 1. SH-1 or SH-4 along with MTR-6 Challan and Letter.

Timing of Stamp office is: 10:30 AM to 01:30 PM (for Submission) of your application

                                               03:30 PM to 04:30 PM (for Collection of your Stamped document on the next day or such other timing as per current situation due to COVID-19) 

Thanks & Regards,

CS Abhishek Singh

Abhishek Singh & Associates

Company Secretaries
F-24, 1st Floor, Raghuleela Mega Mall,

Behind Poisar Depot, off. S.V.Road, Kandivali (West),

Mumbai-400 067.

Mo. No. +91 9773359862

e-mail ID: csabhis...@gmail.com   

[CS V Kartik]

Dear Abhishek,

Can you share the gazette notification for the same where it mentions regarding 0.005% of the consideration for issue of shares ?

Kartik

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[Asha Thesiya]

Hello Abhishekji,

Thank you so much for your detailed reply.

Sir pls help me in selecting office name while making payment through e-STBR as Office name is compulsory while making payment more than Rs.5000/- through e-SBTR.

 

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[Abhishek Singh]

This is a Extract from DEA (Department of economic Affairs' Website)

Please see the last Page. Other Views Solicited.

[Abhishek Singh]

Mam,

You can select any office name from the dropdown list. Generally we select the 1st office Name. i.e. IGR182-BOM1_MUMBAI CITY 1 SUB REGISTRAR

and click on Stamp Duty. Fill the Amount of Stamp Duty.

Article Code is 37-Letter of Allotment of Shares

Fill the Address

Consideration

Since Property Area is Mandatory field, you have to fill 1 Sq. Mtr.

Submit the Application and take printout -2 Copies, Attach the Transfer Acknowledgement or NEFT/RTGS Transaction details and go to the respective Bank which you have chosen for payment of Stamp Duty through E-sbtr.

[Asha Thesiya]

Thank You so much sir this is very helpful for me.

Asha

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[Rajat solanki]

Can you also provide on how to do payment of stamp duty for allotment in karnataka ?

Here link that states stamp duty on issue of shares is under the authority of state government 

http://vinodkothari.com/2020/07/amendments-in-the-stamp-act-issues-and-need-for-further-clarification/#:~:text=The%20amended%20stamp%20duty%20rate,of%200.005%25%20shall%20be%20payable%20.&text=(vi)%20Government%20securities%3B,Rights%20or%20interest%20in%20securities.

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[VIDYA PATWAL]

Dear Abhishek,

Can we pay the consolidate stamp duty for multiple share transfers through single challan? 

[Rinki Goyal]

Dear Abhishek Ji

please clarify the difference between article code-

37- letter of allotment of shares

17- share certificate

Asthe time stamp duty is paid on  issue of share certificate, should not we choose 17,

although i agree there are  different banks for e-Sbtr, and all of them are not consistent in showing article code.

any opinion

On Wed, Nov 11, 2020 at 1:30 PM VIDYA PATWAL <csvidy...@gmail.com> wro

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Regards,

Rinki Goyal,

Rinki Goyal & Associates.

PCS

Mumbai

[Abhishek Singh]

No,

For e-sbtr you have to make individual transaction for each certificate.

and for payment of less than Rs.5000/- through Stamp office you can make collective payment of all the Share Certificate or Share Transfer.

[VIDYA PATWAL]

I am paying through  https://gras.mahakosh.gov.in/echallan/  and the consolidate stamp duty would be around INR 10,000. So in this case I have to make separate payment for all the Share transfers (14 in number). Please correct me if required.

[Abhishek Singh]

Dear Rinki Goyal Ji,

we normally consider the code as per the instructions of Bank available for e-sbtr.

yes, you are correct, all of them are not consistent in showing article code, so better first when you choose your nearest Bank for e-sbtr. kindly go to that Bank and confirm from them, that what should we insert, 17 or 37.

[Rinki Goyal]

Thanks, Abhishek ji

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[pai.vis...@gmail.com]

Dear Abhishek ji

Thanks for the useful note.  Require a clarification on stamp duty payment for transfer of physical shares at Mumbai

A Client (Shareholder) is transferring shares (total Face Value & Market Value of Rs 1,00,000 ) to 50 individuals. Accordingly the total stamp duty is only Rs 15, but there are 50 SH-4 forms.
From your note, it appears that as long as stamp duty amount is less than 5k, a single MTR-6 challan can be filed for all the share transfer forms.

Query
1) Does the stamp office require some minimum amount to be paid for each SH-4 (like Rs 5 or 10) as I suppose each SH-4 would require the franking stamp

2)  I suppose all the SH-4 should not be dated & signed. Other details in SH-4 may be printed / written

WIth Best Regards

Vishwanath

[Abhishek Singh]

Dear Sir,

Now, the situation is like that: the Bombay Stamp Act is still in force, so you have to pay the stamp duty on Share Certificate / Share Transfer as per old rate i.e. 0.1% of Consideration in case of Share Cert. and 0.25% of Consideration in case of Share Trf. (Kindly confirm the same from Stamp office)

in your case the Consideration amt. is Rs.1,00,000/- so the Stamp Duty would be Rs. 0.25% of Rs.1,00,000/- i.e. Rs.250/-

irrespective of No. of Share certificate, you can pay the stamp duty collectively in a Single MTR-6 Challan with Remark as: Payment of Stamp Duty on 50 Nos. of SH-4 (Transfer of Share). and after that if your no. of shareholders are 50 with equal shares , then each SH-4 is franked with Rs.5/- (Write with Pencil at the right hand side upper Corner of SH-4)

Note: they will take maximum of 3-4 SH-4 at a time. (Kindly confirm the same from Stamp office)

Now answer to your query:

  Query
1) Does the stamp office require some minimum amount to be paid for each SH-4 (like Rs 5 or 10) as I suppose each SH-4 would require the franking stamp: Yes at least a Min. amt of Rs.1/-

2)  I suppose all the SH-4 should not be dated & signed. Other details in SH-4 may be printed / written: All the details should be inserted except for date and Sign.

[Shital Bagmar]

Respected all,

now when share transfer amount is RS. 25,000/- then amount of stamp duty coming 25,000*0.015%= Rs 4. How to pay same many times it is less than Rs 1. what to do in that case as franking facility in Bank they ask to do minimum 100 Rs franking for any amount. how to pay stamp duty in Maharashtra. Should we ignore such stamp duty

[BHAVNA SHARMA]

Hello Sir,

Can we pay Stamp duty by affixing Stamps of applicable amount on SH-1 and SH-4 or it is mandatory to pay stamp duty online.

with regards

Bhavna Sharma

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[Shital Bagmar]

Earlier we use to pay less amount share transfer stamp i.e. not allowed now right...then how to pay Rs 10,15 etc

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[Shital Bagmar]

Respected All, 

How to pay stamp duty in Maharashtra for SH4 of which stamp duty is less than RS 5.  can we use share transfer stamp still. please guide

[BHAVNA SHARMA]

Dear All,

What will be the rate of stamp duty of transfer of shares in Delhi in the Year 2018 in physical mode. Is this 0.25 paise for every 100 rs. or part thereof.

Thank you

Bhavna Sharma

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[Rashmi Kanabar]

Do we need to submit challan of stamp duty along with letter physical?

Rashmita

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