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In a bid to enhance revenue collection from stamp duty, the State government on Thursday tabled The Karnataka Stamp (Amendment) Bill, 2023 that proposes to increase the rate of stamp duty on several documents, and is expected to bring an additional revenue between ₹1,500 crore and ₹2,000 crore.
While the Bill will bring the rate of stamp duty in Karnataka on a par with other States, it also seeks to bring in financial accountability. Besides, it will reduce evasion of stamp duty.
The stamp duty collection in Karnataka was about ₹2,027 crore in 2022-2023, and the revenue from stamp duty is expected to grow from about ₹3,000 crore to ₹4,000 crore. The State collected ₹15,846 crore from the registrable documents during 2022-2023.
The amendments to enhance stamp duty is being brought to about 50 instruments, some of which were amended several years ago and the rate of stamp duty had remained very low.
The prevailing rate of stamp duty in Karnataka for many instruments is far lower than Maharashtra, Tamil Nadu, Telangana, Andhra Pradesh, Gujarat, and Uttar Pradesh. Rates of some instruments were last revised in 2003.
