On March 04, 2022, the State Government of Karnataka published the Karnataka Stamp (Amendment) Act, 2022 to amend the Karnataka Stamp Act, 1957 in order to provide a new clause where State Government may remit the stamp duty during the policy period of five years from the date of 04-11-2019 or till a new policy is announced where instruments executed in favour of the eligible enterprises, in connection with the Karnataka New Textile and Garment Policy, 2019-24.
- Under section 9 which deals with Power to reduce, remit or compound duties, the following proviso has been inserted:
“Provided that the State Government may, in public interest, by notification, remit, during the policy period of five years from the date of 04-11-2019 or till a new policy is announced, stamp duty payable on the instruments to be specified therein, executed by or in favour of the eligible enterprises, in connection with the Karnataka New Textile and Garment Policy, 2019-24, or specified by the State Government from time to time subject to production of certificate to that effect from the Prescribed Authority.
- Amendment of Schedule.- In the Principal Act, in the schedule, in Article 20, in column (3), for the second proviso, the following shall be substituted namely:-
“Provided also that notwithstanding anything contrary contained in this Act, where a lease-cum-sale agreement was in respect of a site allotted by any house Building Co-operative Society registered under the Karnataka Co-operative Societies Act, 1959 (Karnataka Act 11 of 1959), and in furtherance of such agreement a conveyance is subsequently executed, the duty payable on such conveyance shall be on the market value of such site as on the date of execution of the lease-cum-sale agreement”.
