The Karnataka Stamp Amendment Bill, 2023 was passed in the Winter Session at Belagavi to raise stamp duty and mobilize financial resources.
Revenue Minister Krishnabyre Gowda has responded that only 10 per cent of the income is from stamps in the registration department. He clarified that he has decided to revise it along with measures to prevent leakage. The Bill was passed on Monday.
Stamp duty related to power of attorney, deeds, and affidavit and other legal documents will increase. Stamp duty and registration fees are critical revenue streams for the state government. The government aims to collect Rs 25 thousand crores from stamp duty.
According to the bill, the stamp duty on adoption papers will be increased from Rs 500 to Rs 1,000. Affidavits, which currently carry a stamp duty of Rs 20, will incur a stamp duty of up to Rs 100 in the future.
Stamp duty on Power of Attorney will be increased from Rs 100 to Rs 500. If power of attorney is issued jointly by more than five but less than 10 persons, the stamp duty on the same will be increased from Rs 200 to Rs 1,000.
Stamp duty for property partition deeds in urban areas will be Rs 1,000 to Rs 5,000 per share. It is proposed to increase for properties outside city limits; currently, currently Rs 500 will be increased to Rs 3000.
3,000 per share instead. Proposed to do. 250 per share for the division of agricultural assets. Instead, it has been decided to increase it to Rs 1,000.
Stamp duty on divorce papers is also Rs 100 to Rs 500 and will increase. For certified copies, the stamp duty is proposed to be increased from Rs 5 to Rs 20. Also, registering trusts will be expensive. Fees for mergers of companies and other processes will also increase.
The BJP alleged that it is a “loot plan” of the government to fulfil its promises.
Speaking on this, BJP leader Basangouda Ramangouda Patil Yatnal said that the government in Karnataka is planning to increase every essential need of the common man. In future, they are also planning to increase the fuel prices in Karnataka just to loot and fulfil their promised guarantees, he added.