The State Government of Karnataka on December 08, 2020 has issued the Karnataka Stamp (Second Amendment) Bill, 2020 by further amending the Karnataka Stamp Act, 1957 in the following manner:-
• In Section 9(1)(a) on Power to reduce, remit or compound duties, the following shall be added:
"Provided also that the State Government may, in public interest, by notification, 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.”
• In article 20 of the schedule, clause 2A shall be added namely;
"(2A) 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.
(ii) Where the market value of which is above rupees twenty lakhs but upto and inclusive of thirty five lakhs.
The Karnataka Stamp (Amendment) Ordinance, 2020 is hereby repealed.
[Bill No.: 66 of 2020]
