The Government of Karnataka on March 05, 2022 has issued the Karnataka Stamp (Amendment) Act, 2022 to further amend the Karnataka Stamp Act, 1957.
The following amendments have been made:
• In section 9, which specifies Power to reduce, remit or compound duties, in sub-section (1), clause (a), the following proviso has been inserted, namely:
"Provided also 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, specified in the Government Order No. CI 115 JAKAIEE 2017, dated: 04.11.2019 or specified by the State Government from time to time subject to production of certificate to that effect from the Prescribed Authority.”
• Schedule, which specifies Stamp Duty on Instruments has been amended.
[KARNATAKA ACT NO. 11 OF 2022]
