The Finance Department, Rajasthan on May 17, 2024, issued the notification on stamp duty on insurance policies.
The following has been stated namely: -
• Vide the judgement passed by the Hon’ble Supreme Court in Life Insurance Corporation of India v/s State of Rajasthan it was held that all the insurance companies have to pay stamp duty in the State of Rajasthan on all the insurance policies issued in favour of the residents of State of Rajasthan.
• If the policy instrument is not duly stamped then the concerned shall be liable for penalty, interest and for prosecution according to the provisions of the Rajasthan Stamp Act, 1998.
[Notification No. F.2(5)FD/Tax/2024]
