The tax stamp industry in India has been in existence for almost 21 years, during which time it has gone through major transformation. From the first thin glassine-based paper to holographic tax stamps and now the new generation tax stamps with physical and digital authentication, the industry has noticeably shifted towards authentication and track and trace. There are important learnings from this shift, both good and bad. My presentation will provide an overview of some of these learnings, as well as look at market size and recent trends and developments.