West Bengal Finance Act, 2017
No: 3 Dated: Mar, 06 2017
THE WEST BENGAL FINANCE ACT, 2017
West Bengal Act III of 2017
An Act to amend the Indian Stamp Act, 1899, in its application to West Bengal, the West Bengal Taxation Tribunal Act, 1987, the West Bengal Sales Tax (Settlement of Dispute) Act, 1999, the West Bengal Tax On Entry Of Goods Into Local Areas Act, 2012, and the West Bengal Value Added Tax Act, 2003, and to provide for validation in respect of levy, assessment and collection of tax etc. under the West Bengal Tax On Entry Of Goods Into Local Areas Act, 2012.
Whereas it is expedient to amend the Indian Stamp Act, 1899 (2 of 1899.) in its application to West Bengal, the West Bengal Taxation Tribunal Act, 1987 (West Ben. Act VIII of 1987), the West Bengal Sales Tax (Settlement of Dispute) Act, 1999, (West Ben. Act IV of 1999), the West Bengal Tax On Entry Of Goods Into Local Areas Act, 2012 (West Ben. Act I of 2012), the West Bengal Value Added Tax Act, 2003, (West Ben. Act XXXVII of 2003) to provide for validation in respect of levy, assessment and collection of tax etc. under the West Bengal Tax on Entry of Goods into Local Areas Act, 2012, and for the purposes and in the manner hereinafter appearing;
It is hereby enacted in the Sixty-seventh 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, 2017.
(2) Save as otherwise provided, this section and section 6 shall come into force at once, section 5 shall be deemed to have come into force retrospectively from the 1st day of April, 2012, and the remaining provisions of this Act 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) In the Indian Stamp Act, 1899, (2 of 1899) in its application to West Bengal (hereinafter referred to as the principal Act) shall, in its application to West Bengal, be amended for the purpose and in the manner hereinafter provided.
(2) In Schedule 1A to the principal Act,-
(a) in Article 5, in item (d), after the entries in the column under heading "Proper stamp-duty", the following proviso shall be inserted:-
"Provided that in case of agreement relating to sale or assignment or lease-cum-sale for flats or apartments or units which are under construction or to be constructed, the stamp-duty shall be charged at the rate of two per centum of the market value of the property subject to fulfillment of conditions as mentioned in Article 23.
Explanation. - For the flats or apartments or units whose plan has been sanctioned within the period from the 1st day of January, 2015 to the date of effect of this section, the above provisions shall, mutatis mutandis, apply at the time of registration of such agreement, subject to the conditions that the final conveyance shall be completed within the 31st day of January, 2019."
(b) in Article 23, after the entries in the column under heading "Proper stamp-duty", the following provisos shall be inserted:-
`Provided that in any case when an agreement relating to sale is executed and registered with the ad valorem stamp-duty required under the proviso to article 5(d) and in furtherance of such agreement-
(a) if the final conveyance is made within four years from the date' of agreement or within two years from the date of completion/occupancy certificate issued by appropriate authority or from the date of procurement of electric connection, whichever is earlier, in favour of the original purchaser or in favour of the member(s) of his/her family, the market value of the property as assessed at the time of registration of such agreement shall be treated as the market value of the property for the purpose of determination of chargeability at the time of registration of the final conveyance and the stampduty to be paid on such conveyance shall be the difference between the duty payable and the duty already paid under the proviso to Article 5(d) at the time of registration of the agreement or rupees ten, whichever is greater;
(b) If the final conveyance is made, beyond the time limit as specified in clause (a), in favour of the original purchaser or in favour of the member(s) of his her family, the market value of the property shall be reassessed at the time of registration of such conveyance and the stamp-duty to be paid on such conveyance shall be the difference between the duty payable and the duty already paid under the proviso to Article 5(d) at the time of registration of the agreement or rupees ten, whichever is greater:
Provided further that the above provisions shall not be applicable, if final conveyance is made in favour of any person or persons other than the original purchaser or the member(s) of his/her family.
Explanation. - For the purpose of this article, the expression "member of a family" shali have the same meaning as defined in Article 33';
(c) in Article 43,-
(i) in item (a), in the column under heading "Description of Instruments", for the words" of any goods including currency", the words "of any goods or commodities, excluding currency and interest rate relating to forward contract," shall be substituted;
(ii) in item (aa), in the column under heading "Description of Instruments", for the words" of any goods including currency", the words "of any goods or commodities, excluding currency and interest rate relating to forward contract," shall be substituted;
(iii) in item (ab), in the column under heading "Description of Instruments", for the words" of any goods including currency", the words "of any goods or commodities, excluding currency and interest rate relating to forward contract," shall be substituted;
(iv) in item (ac), in the column under heading "Description of Instruments", for the words" of any goods including currency", the words "of any goods or commodities, excluding currency and interest rate relating to forward contract," shall be substituted;
(v) after item (ac) , in the columns under heading "Description of Instruments" and "Proper stamp-duty" the following entries shall be inserted:-