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Karnataka Stamp (Second) Amendment Act, 2015

This document summarizes the Karnataka Stamp (Second Amendment) Act of 2015, which amends the Karnataka Stamp Act of 1957. The amendment reduces or remits stamp duty payable on instruments executed by key projects in special economic zones, as announced in the New Karnataka Industrial Policy 2014-2019, to provide impetus to industry growth. It adds a new proviso to section 9(1)(a) of the Karnataka Stamp Act to allow the state government to reduce or remit stamp duty until September 30, 2019 on instruments executed by MSMEs, large enterprises, and key projects defined in the industrial policy, by notification.

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Kushwanth Kumar
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220 views2 pages

Karnataka Stamp (Second) Amendment Act, 2015

This document summarizes the Karnataka Stamp (Second Amendment) Act of 2015, which amends the Karnataka Stamp Act of 1957. The amendment reduces or remits stamp duty payable on instruments executed by key projects in special economic zones, as announced in the New Karnataka Industrial Policy 2014-2019, to provide impetus to industry growth. It adds a new proviso to section 9(1)(a) of the Karnataka Stamp Act to allow the state government to reduce or remit stamp duty until September 30, 2019 on instruments executed by MSMEs, large enterprises, and key projects defined in the industrial policy, by notification.

Uploaded by

Kushwanth Kumar
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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KARNATAKA ACT NO 3 OF 2015

THE KARNATAKA STAMP (SECOND AMENDMENT) ACT, 2014


Arrangement of Sections
Sections:
1. Short title and commencement
2. Amendment of Section 9

STATEMENT OF OBJECTS AND REASONS

Amending Act 03 of 2015.- It is considered necessary to amend the Karnataka Stamp Act,
1957 (Karnataka Act No. 34 of 1957) to reduce or remit stamp duty in public interest payable on any
instrument executed by key projects of core area in special economic zone made in the New
Karnataka Industrial Policy 2014-2019 announced by the State Government and to give impetus to
growth in the industry.
Hence, the Bill.

[L.A. Bill No. 67 of 2014, File No. Samvyashae 51 Shasana 2014]


[entry 63 of List II of the Seventh Schedule to the Constitution of India.]
2

KARNATAKA ACT NO 3 OF 2015


(First Published in the Karnataka Gazette Extra-ordinary on the Eighth day of January, 2015)
THE KARNATAKA STAMP (SECOND AMENDMENT) ACT, 2014
(Received the assent of the Governor on the seventh day of January, 2015)
An Act further to amend the Karnataka Stamp Act, 1957.
Whereas it is expedient further to amend the Karnataka Stamp Act, 1957 (Karnataka Act 34 of
1957) for the purposes hereinafter appearing;
Be it enacted by the Karnataka State Legislature in the sixty-fifth year of the Republic of India
as follows:-

1. Short title and commencement.– (1) This Act may be called the Karnataka Stamp
(Second Amendment) Act, 2014.
(2) It shall be deemed to have come into force with effect from the first day of October, 2014.

2. Amendment of Section 9.- In the Karnataka Stamp Act, 1957 (Karnataka Act 34 of 1957)
in section 9, in sub-section (1), in clause (a), after the eighth proviso, the following shall be inserted,
namely:-
"Provided also that the State Government may, in public interest, by notification, reduce or
remit, till 30th September 2019 the stamp duty payable on any instrument to be specified therein
executed by specified new and existing micro, small, medium enterprise (MSME), Large, Mega, Ultra
Mega, Super Mega enterprises including expansion, modernization and diversification projects as
defined in the Karnataka Industrial Policy 2014-2019 specified in the Government order CI 58 SPI
2013 dated: 01.10.2014 or by any such key projects of core area as defined in the said policy or
specified by the State Government from time to time".

By Order and in the name of the Governor of Karnataka,

S.B. GUNJIGAVI
Secretary to Government
Department of Parliamentary Affairs

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