CHANGES TO THE APPLICABLE STAMP DUTY BASIS THE KARNATAKA STAMP (AMENDMENT) ACT, 2023

In response to longstanding stagnation, the Karnataka state government, on February 03, 2024, notified the Karnataka Stamp (Amendment) Act 2023, revamping stamp duty rates for more than 50 legal instruments, including without limitation, power of attorney, deeds, memorandums, title agreements, conveyance, counterparts, arbitration awards, and affidavits. INDUSLAW's Winnie Shekhar, Priya Udita and Ravin Abhyankar provide an overview of the revised rates under the Karnataka Stamp (Amendment) Act, 2023, and analyze the implications of the same.