SAD demands roll back of increased stamp duty

The Shiromani Akali Dal condemned the Aam Aadmi Party (AAP) government for increasing the stamp duty on loans sanctioned by banks, as well as the imposition of 2% tax on transfer through power of attorney.

The Shiromani Akali Dal (SAD) on Tuesday condemned the Aam Aadmi Party (AAP) government for increasing the stamp duty on loans sanctioned by banks, as well as the imposition of 2% tax on transfer through power of attorney.

Senior leader Bikram Singh Majithia said the two measures would impose a burden of ₹1,000 crore on the common man, which is already reeling under increased value added tax (VAT) on petrol and diesel. (Sameer Sehgal/HT)

Senior leader Bikram Singh Majithia said the two measures would impose a burden of ₹1,000 crore on the common man, which is already reeling under increased value added tax (VAT) on petrol and diesel.

“Each day, the AAP government searches new ways and means to tax the common man,” Majithia said, adding that the government has amended the Indian Stamp Act to impose a 0.25% stamp duty on loans sanctioned by the banks as well as loan crediting companies. He said these measures would make vehicles and homes more expensive. He demanded that the unneeded taxation be revoked immediately.