A Brief Overview of eStamping
E stamping or Electronic Stamping is the process of paying non-judicial stamp duty to the government securely and remotely. E-stamping acts as proof of any document is legally valid which makes it tamper-proof and secure. Digital stamping is comparatively faster than traditional and manual stamping which is a costly and time-consuming process.
“Stamp.it” is a modern eStamping solution to pay stamp duty and optimize stamp paper procurement that accelerates the digital stamping process. It is a convenient way to pay stamp duty online that boosts productivity and efficiency, increases revenue, and maximizes TAT effectively.
What is Stamp Duty?
Stamp duty is a government tax levied by the state government on various transactions. It acts as legal evidence of the ownership of documents that are related to business, property, or different contracts. Stamp duty rates vary as they depend on state-specific legislation. The stamp duty charges, rates, payment process, laws, and instruments involved are all mentioned under the Indian Stamp Act, 1899.
Stamp Duty is charged when there is a registration, transfer of property, or contract between two or more parties. Stamp duty can be paid in many ways, but with advanced technology and innovation, digital stamping is gradually predominating the stamping process. E stamping is a convenient way to pay stamp duty and automate stamp paper documentation in real time.
The stamp duty payable by an individual or entity is dependent on the type of document required to be stamped & the state where the document is stamped. To calculate stamp duty, use an online Stamp Duty Calculator.
To learn more about how to pay stamp duty in your state, read our state-wise breakdowns:
4 Steps to Pay Stamp Duty Online
It is extremely easy to pay stamp duty online instantly by following these 4 simple steps. The process is easy to implement and automates stamp procurement workflows for businesses.
Upload Documents
The foremost step to proceed with the eStamping procedure is to Upload relevant documents that need to be stamped. The process can be commenced after logging into the online digital stamping portal. The documents to be uploaded for eStamping can be single or multiple in number. There is an option for drafting the documents on the portal. The digital platform offers the facility of varieties of ready-made templates to create legally valid documents from scratch.
Add Stamping Details
In this step the user needs to fill out the required information of stamp transaction amount, stamp denominations, name and details of the participating parties, and the state involved in the stamping process. After adding stamping details the user reviews the input data and submits it to the collection center.
Pay Stamp Duty
This step takes place after the filled-out document submission for eStamping. The user requires to pay the stamp duty to complete the process. The user can use multiple payment methods to make the payment such as net banking, credit or debit cards, cheques, pay orders, Account to Account transfer, NEFT, RTGS, or demand draft (DD). The digital platform makes this process even more convenient by providing a digital wallet facility for fast and easy stamp duty payments.
Pay Stamp Duty
After the stamp duty payment, the documents are stamped electronically and merged with digital stamp paper. Then the user is given the option to download the eStamped documents. The user receives the eStamp certificate with a QR code to facilitate eStamping verification.
Advantages of Digital Stamping
Various industry segments such as Banking & NBFC, Insurance, FMCG, Real Estate, Stocks & Shares, and Human Resources can be hugely benefitted from digital stamping implementation in their firms. The dynamic changes are visible with digital stamping impact on the business organizations.
- Real-time Stamp Duty: Digital stamping occurs in real-time instantly. It is a time-efficient process that breaks the traditional chain of stamping along with the long wait for stamp paper procurement.
- Secure & Fast with Ensured Compliance: eStamped documents are secured in a repository. The digital stamping process optimizes document execution while ensuring compliance with state stamp duty laws. After stamp paper procurement, a unique identification number is given that helps users to download an eStamping Certificate with a QR code for verification that makes the documents tamper-proof.
- Paperless Stamping: Paperless stamp paper procurement solves the hassle of maintaining a high volume of physical documentation and relying on teams to go out into the field to procure physical stamp papers.
- Cost Effective: In traditional stamping, the client faces the challenges of merging the limit of denominations and often pay extra amount for transactional charges, storage, inventory & transport costs of stamps. With digital stamping, there is no merging limit and clients need no longer bear these extra documentation expenses. This helps reduce overall operational costs by more than 50%.
- Enhanced Efficiency and Productivity: Firms can streamline their eStamping process by uploading documents in bulk. The digital stamping software automates various workflows including procurement, payment, management & execution. This helps boost productivity and efficiency, improving TAT and massively impacting business growth.
Smart Features for Hassle-free eStamping
- Stamping Automation: E-stamping offers hassle-free paperless stamping that streamlines contract execution and digital documentation. The software automates stamp paper procurement, stamp duty payment, and document management.
- Configurable Templates: Users have access to custom template libraries which include a wide variety of agreements and contracts according to client requirements.
- eSign Integrations: The platform enables collaboration between multiple users. Signers can be invited in bulk for signatures, with an optional signing order imposed for efficiency purposes.
- Smart Dashboard: During bulk signing and stamping, the smart dashboard helps navigate through different workflows, and monitor document stages on a single platform. The user can fetch all kinds of data about agreements and their status along with payment details and timely updates.
- Easy Customization: Digital stamping workflows can be customized on demand of the customers along with the existing stamping templates. We offer workflows for SHCIL eStamping, eSBTR, & manual stamp procurement with stamp paper merging.
- Real-time Activity Tracking: Users can track the stamping process and receive real-time document status updates to manage the logistics of document execution.
- Automated Updates: Along with real-time updates, the tool gives users automated reminders of document stages.
- Virtual Audit Trail: Digitals stamping solutions record and store all the changes made to the contents and status of the document with a date and time signatures, to create legally admissible evidence.
Pay Stamp Duty Online With SignDesk’s eStamp Solution
SignDesk is an award-winning provider of eStamping services available across 25+ states and UTs in India.
SignDesk’s unique product for digital stamping (“stamp.it”) is an API-based software that streamlines stamp paper procurement. This software automates stamp duty payment with features for instant drafting, online stamp duty payment, and integrations for eSignatures. Stamp paper procurement is streamlined via real-time status tracking on a smart dashboard, with QR codes to verify stamping details.
Experience paperless digital stamping and pay stamp duty instantly with SignDesk for legally binding agreement execution.