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ARTICLE · 27 FEBRUARY 2024

Changes To The Applicable Stamp Duty Basis The Karnataka Stamp (Amendment) Act, 2023

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In response to longstanding stagnation, on February 03, 2024, the Karnataka state government notified the Karnataka Stamp (Amendment) Act 2023 ("Amendment Act")...

IndiaCorporate/Commercial Law
Akhoury Winnie Shekhar
Akhoury Winnie Shekhar
Priya Udita
Priya Udita
Ravin Abhyankar
Ravin Abhyankar
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1. INTRODUCTION

In response to longstanding stagnation, on February 03, 2024, the Karnataka state government notified the Karnataka Stamp (Amendment) Act 2023 ("Amendment Act")1 and brought the provisions of the Amendment Act into force. The Amendment Act modernized stamp duty rates for over 50 (fifty) legal instruments, including without limitation, power of attorney, deeds, memorandums, title agreements, conveyance, counterparts, and affidavits. Additionally, a new article has been added with respect to bank guarantees. This overdue update acknowledges the inflationary realities of our time, ensuring fairer revenue collection for the state. Below, we offer a quick summary of these refreshed rates, marking a positive step forward.

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