A major source of tax revenue for states is Stamps, or Stamp Duty and Registration Fee. Karnataka, for instance, collected Rs 10,576 crore in Stamps and Registration Fee in 2020-21, which amounts to 11% of the state’s tax revenue, as per the State Finances Audit Report for the year ending March 2021 Stamp Duty is a tax payable on legal documents/instruments that function as evidence of the transaction that has taken place. It could be: Fixed (adoption deed, divorce etc.) orAd-valorem i.e, a proportion of the Market Value (MV). MV is defined in the Karnataka Stamp (KS) Act, 1957, as…
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