The Karnataka Stamp Act 1957 – Governor Grants Consent

The Karnataka Stamp Act underwent modifications through the Karnataka Stamp (Amendment) Act 2023. On February 3, the Governor granted consent, and the revised rates were promptly published in the gazette on the same day. Despite an average 2-2.5x increase in stamp duty rates, Karnataka continues to stand out as one of the most cost-effective jurisdictions for stamp duty in India, in contrast to Maharashtra and Delhi.

Here are the noteworthy changes affecting startups:

1. Power of Attorney Duty: Formerly INR 100, now increased to INR 500.

2. Any Other Agreement under Article 5:Duty has risen from INR 200 to INR 500.

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