Karnataka decreases Stamp Duty On Apartments To 3 pc to boost property sales
Karnataka decreases Stamp Duty On Apartments To 3 pc to boost property sales

Karnataka government has reduced stamp duty on property To 3 pc to boost property sales.

Reading out Budget for 2021-22, Karnataka chief minister B S Yediyurappa said that the stamp duty for apartments valued between Rs35-45 lakh has reduced to 3% from 5%. Karnataka chief minister, who holds the finance portfolio, presented the state budget, his eighth in the legislative assembly, for the financial year 2021-22 in the Assembly on Wednesday.

Also, in the budget speech, Yediyurappa said that the Gross State Domestic Product (GSDP) has declined 2.6 percent compared to 2019-20 fiscal due to lockdown induced by COVID-19. "The Agriculture sector grew by 6.4 percent, while Services and industry sector saw a contraction of 3.1 percent and 5.1 percent," Yediyurappa said.

The Budget has set Rs 12,655-crore target for the coming fiscal (2021-22) from the state stamps and registrations department. "The department has collected Rs 9,014-crore from stamps and registrations till February from across the state as against the annual target of Rs 12,655 crore for this fiscal (2020-21)," said Yediyurappa.

Karnataka government in its Budget on Monday said the revenue deficit of the state is estimated to be Rs 15,134 crores during Financial Year 2021-22.

"The revenue deficit is estimated to be Rs 15,134 crores. The fiscal deficit is expected to be Rs 59,240 crores, which is 3.48 percent of GSDP. The total liabilities at the end of 2021-22 is estimated to be Rs 4,57,899 crore, which is 26.9 percent of the GSDP. The suitable amendment will be brought to the Karnataka Fiscal Responsibility Act 2002 in this regard," CM said in the Assembly.

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