What is e Stamping?
e Stamping or electronic stamping is a digital process that enables users to pay non-judicial stamp duty to the government. It is an online approach that simplifies stamp duty payment and makes the process convenient for users.
Stamping makes a contract legally valid by ensuring the specified stamp duty is paid to the government. The stamping process substantiates the transaction and makes the contract valid in a court of law.
However, manually paying stamp duty and getting documents stamped physically consumes time and extra effort, which is not desirable for the business’s productivity. Electronic stamping introduces a fast and efficient process through which firms can get their documents stamped in no time.
e Stamping is convenient to carry out and makes the transaction document tamper-proof. The process also acts as proof that the user has paid said stamp duty to the government to carry out the transaction.
What is Stamp Duty?
Stamp duty is the duty levied by the government to recognize certain documents legally. It is the tax imposed for various business transactions by the state governments.
Stamp duty is paid in order to register a transaction or contract between two or more parties. The document for the transaction is registered with the registrar to make it legally binding and valid.
Stamp duty varies across document types and also differs from state to state. The amount for the stamp duty is either fixed at a certain percentage of the agreement value stated in the contract or based on the document’s nature.
The https://www.shcilestamp.com/ website is the official web portal of the Stock Holding Corporation of India Limited that enables businesses to access, receive, download, and verify their eStamp pacers online.
e Stamping Usage in Businesses
e Stamping and payment of stamp duty online make it convenient for businesses to handle this mandatory procedure every time they execute a contract. When businesses pay stamp duty to the government to implement a transaction, it acts as evidence of that transaction.
Businesses in Maharashtra can make use of the eSBTR system to get their contracts legally stamped. The Electronic Secure Bank & Treasury Receipt or eSBTR is issued by a designated government official after the user fills out the application and completes the payment. Companies can use the eSBTR just like a stamp paper as it acts as a proof of payment made for the transaction.
Businesses use e Stamping for various applications and use cases, which include:
- Attesting to the legality of formal contracts
- Finance or loan agreements
- Property purchase and vending transactions
- Leasing agreements
- Vendor onboarding activities
- Human resource operations
- Sale deeds, affidavits, and other business agreements
Businesses can electronically stamp the documents of these transactions online so as to get them legalized and execute them officially.
e Stamping Process Flow: How Can Businesses Pay Stamp Duty Online?
Firms can easily pay stamp duty digitally by following a few simple steps. Businesses can go about these procedures to get their documents electronically stamped:
- Log In: The first step to initiating the electronic stamping process is to log into the online digital stamping portal.
- Pre-order: To expedite the stamp paper procurement process, users pre-order their stamp papers by selecting the required state and denominations. This enables streamlined stamp paper procurement and removes friction from the workflows of businesses.
- Upload Document: The next step is to upload the document that needs to be stamped. It can be a single document or multiple documents that require e Stamping. Users can also draft documents on the electronic stamping portal. SignDesk offers ready-made templates for users to create legally valid documents from scratch.
- Fill Out the Details: The following step requires the user to fill out details of the stamping transaction, including the first-party & second-party details, stamp denominations, and the state where the stamping is taking place.
- Review & Submit: The user reviews the information entered on the application and submits it to the collection center.
- Stamp Duty Payment: Upon application submission, the user must pay the prescribed stamp duty to complete the process. He/she can make the payment through net banking, cheques, credit or debit cards, or demand draft. Additionally, SignDesk offers a digital wallet facility for easy stamp duty payments.
- eStamp Certificate: After the payment has been made, the document is electronically stamped and merged with the digital stamp paper. Post this; the user is provided the eStamp certificate with a QR code to expedite stamp paper verification.
States & Union Territories That Provide e Stamping Facility In India:
Many Indian states and union territories (UTs) offer online stamping facilities to their residents. The e Stamping website enables the residents of the following states/UTs to pay stamp duty online:
e Stamping: Modes of Payment
Users can pay stamp duty and validate their transactions through one of the following modes:
- DD (Demand Draft)
- NEFT (National Electronic Funds Transfer)
- Pay Order
- RTGS (Real-Time Gross Settlement)
- Account to Account Transfer
The Advantages e Stamping Offers Over Physical Stamp Papers
- Saves Time:
e Stamping saves a lot of time as the digital stamp paper can be generated within minutes.
The e Stamping procedure offers an e-stamp certificate that is a tamper-proof and secure option for businesses. A Unique Identification Number (UIN) generated for the eStamp paper adds a layer of security to prevent it from being altered.
- Quick Verification:
Through the inquiry module offered by the e Stamping website, users can easily verify if the certificate provided to them is genuine or not.
There will be no additional cost or charges levied when documents are stamped electronically.
- Easily Accessible:
The data relating to any transaction is saved on the SHCIL website which makes cross-verification easier.
Stamp Documents Digitally With SignDesk
e Stamping is a simple, convenient, and time-saving facility through which businesses of any size can get their contracts stamped and legalized. Users can pay stamp duty remotely and get the eStamp certificate printed at their convenience.
SignDesk’s e Stamping platform, stamp.it offers an array of features that helps businesses expedite their stamping process flows. stamp.it enables businesses to legally validate their transaction documents through quick online stamping and stamp duty payment. Get in touch with us to know how your business can make the stamping procedure efficient.