West Bengal Finance Act, 2014
No: 1 Dated: Mar, 11 2014
THE WEST BENGAL FINANCE ACT, 2014
West Bengal Act I of 2014
An Act to amend the Indian Stamp Act, 1899, in its application to West Bengal, the West Bengal State Tax on Professions, Trades, Callings and Employments Act, 1979, and the West Bengal Value Added Tax Act, 2003.
WHEREAS it is expedient to amend the Indian Stamp Act, 1899, in its application to the State of West Bengal, the West Bengal State Tax on Professions, Trades, Callings and Employments Act, 1979, and the West Bengal Value Added Tax Act, 2003, for the purposes and in the manner hereinafter appearing;
It is hereby enacted in the Sixty-fifth Year of the Republic of India, by the Legislature of West Bengal, as follows:-
1. Short title and commencement:- (1) This Act may be called the West Bengal Finance Act, 2014.
(2) Save as otherwise provided, it shall come into force on such date, or shall be deemed to have come into force on such date as the State Government may, by notification in the Official Gazette, appoint, and different dates may be appointed for different provisions of this Act.
2. Application and amendment of Act 2 of 1899:- (1) The Indian Stamp Act, 1899 (hereinafter referred to as the principal Act) shall, in its application to West Bengal, be amended for the purposes and in the manner hereinafter provided.
(2) In sub-section (6) of section 47A to the principal Act,—
(a) for the words "an interest at the rate of two per centum", the words "an interest at the rate of one per centum" shall be substituted;
(b) for the words "full payment of such duty", the words "full payment of such duty, subject to a maximum of rupees twenty thousand" shall be substituted.
(3) In Schedule IA to the principal Act,—
(a) in article 32, in item (b), for the entries under the heading "Proper Stampduty" against sub-item (ii), the following entries under the heading "Proper Stamp-duty" shall be substituted:—
"Rupees ten for every Rs. 500 or part thereof, for the amount secured by such deed, subject to the maximum of Rs. 1,00,000.";
(b) in article 35,—
(i) in item (c), for the entries under the heading "Proper Stamp-duty" against sub-item (ii), the following entries under the heading "Proper Stamp-duty" shall be substituted:-
The stamp-duty as conveyance (No.23) on the market value of the property which is the subject-matter of the lease, or an aggregate of stamp-duties as a Conveyance (No.23) on rent (three times of the average annual rent) and premium or money advanced or security charges advanced, whichever is higher:
Provided that in any case, when an agreement for a lease is stamped or a lease in pursuance of such agreement is subsequently executed, the duty on such lease shall not exceed rupees ten.";
(ii) in item (d), after Explanation III, the following Explanation shall be added:-
Explanation IV.—The expression "or for security charges advanced" referred to in items (b) and (c) of article 35, shall mean non-refundable security charges or deposits only.';
(c) in article 43, in item (a), for the entries under the heading "Proper Stampduty", the following entries under the heading "Proper Stamp-duty" shall be substituted:—
"Fifty paise for every Rs. 5000 or part thereof, of the value of the good or commodity.".