BENGALURU: After a gap of 28 years, the State Government has this week effected a hike between 200% and 500% in the Stamp Duty charges for all documents that do not require registration. A Bill to this effect was tabled and passed in the recent Legislature session in Belagavi, said informed sources. The Karnataka Stamp Act 1957 has been amended as the Karnataka Stamp (Amendment) Act 2023.
The Governor gave his consent for the amendment on February 3 and the gazette notification on the new rates was issued the same day.
A total of 25 kinds of documents are covered under it, including partition, adoption deed, affidavit, cancellation of deed, reconstruction or demerger of companies, hypothecation of movables, reconveyance of mortgage, and so on. This, however, does not apply to Property Tax.
On par with other states
Speaking to The New Indian Express, Inspector General of Registration and Commissioner of Stamps, B R Mamatha said, “The last time the hike in these articles was effected was in 1995. Through the amendment, we have now brought our charges on par with those in other states. Payment of the right Stamp Duty fee will ensure legal protection to the people who are a party to any agreement. Its importance will come through in case of any dispute.”
The Stamps and Registration Department has already launched a massive campaign on the need to pay the correct Stamp Duty charge by displaying notices to this effect at all its sub-registrar offices and the 4,000 Authorised Collection Centres (ACC) across the state.