In a Gazette Notification dated 19th November, 2020 the Department Of Parliamentary Affairs And Legislation Secretariat, Karnataka (“Department”) has issued the Karnataka Stamp (Amendment) Ordinance, 2020 (“Ordinance”) in order to further amend the Karnataka Stamp Act, 1957 (“Act”).
The Ordinance has gained immediate effect.
With the present Ordinance, the Government has been vested with the power to reduce or remit, the stamp duty payable on any instruments to be specified therein, executed by new and existing micro, small, medium enterprises (MSME) Large, Mega, Ultra Mega, Super Mega Enterprises including expansion, modernization and diversification project and in respect of any such projects as specified in the Karnataka Industrial Policy 2020-25 subject to production of certificate to that effect from the Director of Industries and Commerce.
Further, Article 20 of the Schedule to the Act has also been amended to insert the stamp duty where an instrument of conveyance relating to the first sale of flat or apartment, and,-
(i) where the market value of which is rupees twenty lakhs or less than twenty lakhs- two percent of the value
(ii) where the market value of which is above rupees twenty lakhs but upto and inclusive of thirty five lakhs- three percent of the value
Source: Department Of Parliamentary Affairs And Legislation Secretariat, Karnataka
