(a) whether the expert panel appointed by the Union
Government to examine the matter with regard to the
uniform stamp duty for corporate bonds have recommended
for the same and matter is under consideration of
Government;
(b) if so, the details thereof;
(c) whether the Government have accepted their
recommendation; and
(d) if so, the action taken/proposed to be taken by
the Government thereon?
MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI S.S. PALANIMANICKAM)
(a) & (b): The Government of India had appointed a High
Level Expert Committee to look into regulatory, tax and
other related issues for the development of corporate
bonds market in India. The Committee has submitted its
report to the Government in December, 2005. The report
contains a number of recommendations on various aspects
relating to developments of the corporate bonds market.
One of the recommendations of the Committee is that on
partly secured (including partly secured by registered
mortgage) and unsecured debentures, the stamp duty should
be made uniform across all States and the same should be
linked to the tenor of the securities with an overall cap.
(c) & (d): The recommendations of the Committee are under
consideration of the Government. Additional Duties of Excise in liew of Sales Tax (ADEST)