The government on Tuesday announced that the existing stamp duty structure is being halved.

Presenting the 2004-05 Interim Budget in the Lok Sabha, Finance Minister Jaswant Singh said: "The existing stamp duty structure is being halved, that is, being reduced on all central government stamp papers."

This was the first step towards reduction of stamp duty on all instruments where the authority to fix rates was of the central government, he said.

A comprehensive reform of the entire stamp duty regime was being addressed in consultation with the state government, as high stamp duty increased transaction costs, restricting economic activity, Singh said.