A stamp paper is a kind of proof of property that you are leasing, purchasing, or selling. This requires you to pay the state stamp duty. This duty is paid by buying a stamp paper from the relevant authority. The price of the stamp papers varies and is set by the government. Once the process of stamping is completed, this means that you have paid the government the required duty. E-stamping is launched in Sindh to bring more people into the tax net.
What is e-stamping?
E-stamping or electronic stamping is the process of paying the government the stamp duty electronically. With the digitization of different sectors, the government of Pakistan has undertaken the task of digitizing the process of stamping. Electronic stamping makes the process a lot easier, hassle-free, and convenient. E-stamping has been launched in Sindh with the aim of expanding the tax net.
E-Stamping Launched in Sindh
The inauguration ceremony took place at the CM house. Chief Minister, Syed Murad Ali Shah while inaugurating e-stamping said “It is my absolute pleasure to announce the establishment of E-Stamping as one of the major developments in this area.” This modification of the traditional stamping process will improve the tax system by creating credibility for the taxpayers and will make the compliance ratio better. Also, it will plug revenue leakages.
With e-stamping launched in Sindh, the CM shared his view of making a safer, protected, and educated Sindh. He further opined that he is determined to make the tax collection system better. The CM further said, “Therefore, with continuous efforts, we have significantly increased our revenue generation, however, there is still room for improvement as tremendous potential is yet to be tapped.” He and his government want to rationalize the tax net.
Syed Murad Ali Shah further said “It is my absolute pleasure to announce the establishment of E-Stamping as one of the major developments in this area. He further added that “The Board of Revenue, Sindh is introducing an E-Stamping system, modeled according to advanced international practices.” Moreover, “the E-Stamping system envisages online generation and printing of stamp duty challan from the web-based application as well as the issuance of e-stamp papers from branches of National Bank of Pakistan.”
This is indeed a great initiative that will improve the system and make it credible and just. Through e-stamping, instances of counterfeit and errors could be avoided making the overall procedure easy and smooth going.