Facility to pay the stamp duty online will also be made available from the new financial year, the CM said while presenting the state budget.
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To promote affordable housing, stamp duty on new flats or apartments costing less than Rs 20 lakh would be reduced from 5% to 2% from April 1, Karnataka Chief Minister BS Yediyurappa announced on Thursday. “I propose to reduce stamp duty on first time registration of new flats or apartments costing less than Rs 20 lakh to 2% from 5%,” the Chief Minister (CM) said while presenting the state budget for the ensuing fiscal 2020-21 in the Legislative Assembly. The state revenue department has collected Rs 10,248 crore till February, which is 87% of the annual target of Rs 11,828 crore fixed for the fiscal 2019-20 a year ago. The revenue collection target for fiscal 2020-21 is fixed at Rs 12,655 crore. Facility to pay the stamp duty online will also be made available from the new financial year, the CM said. “As online registration of bank and NBFC (non-banking financial companies) loan documents will be facilitated through national e-Governance Service Ltd, stamp duty can be paid online from the new fiscal,” Yediyurappa told the lawmakers in the House. The Kaveri software of the Stamps and Registration department will be integrated with the e-Aasthi (property) application of the state Urban Development department. “The Kaveri-2 software application will be developed in the new fiscal for registering immovable property documents,” the CM added. The state budget prioritised solid waste management, public transport and traffic management in Bengaluru, allocating Rs 8,772 crore for the development of the capital city, of which Rs 8,344 crore is allotted for the CM’s Nava Nagarottana Scheme. Pointing out that the state is facing a financial crisis, Yediyurappa said, “It has become difficult to reach the 2019-20 budget targets due to these reasons. To manage this situation within the bounds of the Karnataka Fiscal Responsibility Act, an inevitable situation has arisen this year to cut down the expenditure of many departments. We have never witnessed such financial crisis as we have this year,” he said. Also read: Karnataka Budget: Fuel and liquor to be more expensive starting from April 1
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