What is eStamping?
eStamping is the online payment of stamp duty and the legalization of official documents. Technically, the stamping of documents online is referred to as eStamping. However, the end-to-end process of uploading a document, paying stamp duty for that document, and obtaining an eStamp to legalize the said document is called digital stamping.
Stamp Duty – A Brief Overview
Stamp duty is a charge imposed by governments on legal documents, which are typically used in the transfer of assets or property. Stamp duties, often known as stamp taxes, are levied by governments on documents that are required to legally record certain sorts of transactions. The levying of stamp duty, the instruments on which stamp duty may be levied, and the various rates of stamp duty are all covered in the Indian Stamp Act (1899).
Governments have traditionally imposed these fees in order to raise funds for government activities and initiatives. Stamp charges are supposed to have originated in early 17th-century Spain. Because a tangible stamp was used on the document as proof that the document had been recorded and the tax due had been paid, these taxes were known as stamp duties.
Stamp duty has been paid manually over the years, however with advances in technology online stamp duty payment has emerged as a convenient and cost-effective option for businesses.
How To Pay Stamp Duty For eStamp Documents Online
eStamping, often known as digital Stamping is a method of safely and legally paying stamp duty online, and digitally rendering stamp papers that can be affixed to electronic documents. In a nutshell, it is providing estamp documents online.
Many organizations provide a completely digital and seamless document workflow that complies with federal and state stamp laws. Businesses can speed up the documentation process and securely stamp documents from anywhere and at any time by stamping documents digitally.
E-Stamping involves the following steps:
Step 1: Go to the website and log in.
Simply log into the digital stamping portal to get started.
Step 2: Upload or create a document to be stamped
The user uploads single or multiple documents for eStamping. Alternatively, templates can be used to draft documents.
Step 3: Information on the Stamping Transaction
The user enters the transaction information for e-stamping including state, stamp denominations, first & second party information & more. These can also be auto-filled.
Step 4: Fill out & Review The Application.
The user must complete and submit the application to the collection center.
Step 5: E-Stamping Payment
The user must submit the application by utilizing Debit Cards, Credit Cards, Checks, Demand Drafts, and Online Banking to make the necessary payment.
Step 6: E-Stamp Certificate
The document is eStamped and merged with the requested stamp paper. Once this is complete, the user receives the e-stamp certificate, which can be verified via QR code.
Step 7: Create a one-of-a-kind certificate number
The issue date is mentioned in the Unique Certificate Number (UIN) on the e-stamp certificate. A duplicate of the e-stamp will not be granted once it has been issued.
To complete transactions and settlements, a buyer must pay stamp duty on every mandated transaction. Previously, the purchaser had to be present in the registrar’s office or approach various other government offices or lawyers to complete the stamp duty payment process. Citizens and businesses now have the option of completing the process using an online portal.
The benefits of eStamping include the following
- Online stamp duty payment speeds up the process of creating an e-stamping certificate.
- The eStamping certificate has its own UIN & comes with a QR code, which means it’s verifiably unique and cannot be tampered with.
- Digital stamping makes the documentation process quicker & cost-efficient
- Online workflows such as eStamping are easily scalable, ensuring business growth
- Users can select any stamp denomination or state or instrument type required.
- An online site makes it simple to pay the stamp duty.
- Anyone can receive a printout whenever they like.
How SignDesk Enables eStamping
SignDesk’s nationwide eStamping solution helps a user to digitally stamp a document by paying stamp duty online in real-time.
- Digital stamp duty payment
- Document lifecycle monitoring
- Admin dashboard
- Users, groups, and access privileges
- Direct Integration, Web Application, and Mobile & Web SDK
- Includes all features of ink.it is for eSign workflow and integration
- Digitize various organizational templates.
- Invite people to sign documents while they’re on the go.
Contract and agreement paperwork is made easier with the use of digital stamping with an integrated eSign workflow solution. eStamping solutions can help businesses, business teams & business verticals streamline the following tasks.
Processes for Onboarding Vendors
Industry sectors such as FMCG (Fast Moving Consumer Goods) rely heavily on vendor services and have a high demand for vendor contracts. Executing many contracts in a physical form on a monthly basis is a time-consuming operation. The contract must be printed on Stamp Paper, signed, and then sent to all parties engaged in the transaction for signatures. When there are several parties participating in the transaction, this procedure might take days, if not weeks.
Even if there are several parties participating in the transaction, the contract can be performed within a day using SignDesk’s Digital Stamping and eSign Workflow technology.
Processes of Loan Documentation
Loan documentation makes up a large portion of the documentation processes in the banking, fintech, and NBFC businesses. On all loan agreements, Stamp Duty is required to be paid. Furthermore, there is a high demand for signatures on documents such as sanction letters, consent forms, mandate forms, and other documents that must be signed.
Stamp Duty on loan agreements can be paid online via stamp.it, and other documents can be signed in bulk with a Digital Signature Certificate (DSC). Customers can also be invited to eSign papers anytime the necessity for one arises.
Processes in Human Resources
Every company’s Human Resource Department requires signatures on papers such as reference consents, enrollment forms, correspondence, relieving and settlement letters, suspension and termination orders, and more.
These contracts can be established online, and they can be made legally binding by paying Stamp Duty online using a Digital Stamping system. The interested party can then be invited to eSign the paper.
eSign integrations can be used to create eSignatures on documents in real time. eSign-enabled digital stamping solutions are also used to keep track of internal training programs, seminars, policy updates, and so on.
Legal and Sales
Digital stamping enables legal and sales teams to expedite the deal closures and make client interactions more seamless. Digital stamping solutions feature custom & legally valid for teams to instantly draft contracts based on changing client requirements, legalize these contracts within 5-10 minutes using eStamp Documents online, and get contracts signed remotely with eSign integrations.
Digital stamping solutions have been shown to reduce contract TAT by more than 50% and improve business efficiency by several factors.
Legalize Documents Instantly With Digital Stamping
SignDesk’s contract workflow automation technology makes it simple to create and execute contracts. Create documents online, pay stamp duty online to make them legally binding, and have the signatories eSign the documents. Stamp.it now allows you to create contracts in as little as 5-10 minutes.