Non-payment of stamp Duty on Shares

[payal gupta]

Dear Professionals,

Kindly guide me how to pay late stamp duty on the shares which has already been issued with the sign of directors in December, 2017. The Company has reg. office in Mumbai. The stamp duty value is Rs. 5000/-. Some professionals are of the view that adjudication will be applicable in this case.

Kindly guide me in this matter and if adjudication is required than how to go about with adjudication. Do we have to first pay the stamp duty online than go for adjudication or we should apply for adjudication and then the authority will decide the penalty.

Thank you in anticipation.

Regards,
Payal Gupta
CS, LL.B., B.Com

Contact No.: (+91) 87554-12747

E-mail ID: cs.pa...@gmail.com

[sameer kumar]

Hi

You should apply for payment of stamp duty/adjudication...then authority will impose some penalty for delay,,,and then you have to pay stamp duty +penalty.

Regards

Sameer Srivastava

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[Rinki Goyal]

can you tell the process of adjudication?

Rinki goyal

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Regards,

Rinki Goyal,

Rinki Goyal & Associates.

PCS

Mumbai

[sameer kumar]

Hi

In Delhi, you have to go to the revenue department by making a file with all necessary documents, and details duly filled in format prescribed by the department.....then they will give you  a date of hearing of the matter....on the date of hearing they will finalize the penalty and then you have to pay the stamp duty with penalty .........after payment you need to visit there once again with proof of payment...........then they will issue a certificate that stamp duty has been paid.

Regards

Sameer Srivastava

[Rinki Goyal]

thanks, any idea for mumbai?

Rinki Goyal

[Sridevi B.N]

It is similar in Karnataka too, hope Mumbai may be same; explore visiting revenue department.

Sridevi.B.N
Company Secretary
Mysore Sales International Limited

Bangalore

[payal gupta]

Thank you all for your prompt help. Is there anybody aware whether revenue stamp on share certificates is valid in Maharashtra or not. If not than please share the source.

Thank you in anticipation.

Regards,
Payal Gupta
CS, LL.B., B.Com

Contact No.: (+91) 87554-12747

E-mail ID: cs.pa...@gmail.com

[Chandravijay Shah & Co.]

In Maharashtra State, Stamp Duty on Share Certificates can be paid through either Franking or Online through eSBTR.

 

However, in your case, as it is delayed and also Share Certificates are already executed, neither of the above 2 options is available. Adjudication by the Stamp Duty Authorities is the only option who may levy Interest @ 2 % pm.

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[payal gupta]

Thank you sir. But if there is only 50 Rs. stamp duty on shares than is it practical to go for adjudication or else we can pay this small amount though GRAS?

Regards,
Payal Gupta
CS, LL.B., B.Com

Contact No.: (+91) 87554-12747

E-mail ID: cs.pa...@gmail.com

[Chandravijay Shah & Co.]

Under GRAS, option of Payment of Stamp Duty on Share Certificates is not available from the Drop – Down Box.

[CS V Kartik]

Gras will not accept late payment

[payal gupta]

But sir, minimum value of transaction for e-SBTR should be Rs.100/-. I have to pay only 50/- Rs. What should I do as Adhesive Stamps are not available now. GRAS I can't Opt. Adjudication for such small amount is a time taking process. Please suggest how to deal with this issue.

Regards,
Payal Gupta
CS, LL.B., B.Com

Contact No.: (+91) 87554-12747

E-mail ID: cs.pa...@gmail.com

[CS V Kartik]

Either affix 10 revenue stamps of ₹5 each or leave it as it is because there are many private co's who have not paid stamp duty for delay in payment of the same.

Because franking in Mumbai is not done without the copy of challan. But in Pune there's a bank which will accept cash for payment of stamp duty. Only thing is the share certificate should be blank. In your state, you need to check which bank accepts the same.

[payal gupta]

Thank you sir.

[Ankush Lawate]

Hi Payal,

You can pay stamp duty through E-STBR, there will not be any issue if you pay excess stamp duty than that of required i.e. INR 100.00 instead of INR 50.00.

E-STBR of INR 100 is possible in the authorised banks like Punjab National Bank, IDBI Bank, Bank of Maharashtra etc.

Thanks,

Ankush Lawate

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[payal gupta]

Thank you sir, Same reply I got from one of my seniors. Thank you so much.

Warm Regards
Payal

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