The Centre is finally set to overhaul the over 100-year-old Indian Stamps Act to bring in more consistency among the states in the way the stamps and registration duties are charged by them, besides rationalising rates and curbing evasion. By the 
move, the Centre intends to re-assert its constitutional right to determine the nature of the levy which is in the concurrent list, but the proceeds of which have conventionally been devolved almost entirely to states.
Currently, there is wide disparity among states both in the manner of this impost payable on legal documents as also the rates. States had collected about Rs 45,000 crore as stamp and registration duties and property tax in 2008-09.
As per the draft Bill for amendment put out by the finance ministry, the impost on transfer of immovable properties would now be around 5 per cent, a narrower band as compared to 5-9 per cent at present. The rates have also been rationalised in case of instruments like debentures. The stamp duty on debentures has been proposed to be 0.25 per cent of the instrument’s face value or Rs 25 lakh, whichever is less, as against a wider range of 0.75-3.75 per cent at present.
