In July 2013, the Indian government started the India e-stamping system. This effort attempted to reduce fraud and errors in stamp duty receipts. In India, the Central Record Keeping Agency (CRA), the Stock Holding Corporation of India Limited (SHCILestamp), can issue e-stamp certificates. Authorised Collection Centres (ACCs) are designated intermediaries, such as a bank or a post office, in charge of issuing e-stamp paper in place of CRA. State governments establish various ACCs.
Stamp duty is a tax levied by governments on legal documents used to transfer property or assets. Governments levy stamp duties, sometimes known as stamp taxes, on documents necessary to legally record certain types of transactions. The Indian Stamp Act covers the levying of stamp duty, the documents on which stamp duty may be imposed, and the various stamp duty rates (1899).
Historically, governments imposed these taxes to raise revenue for government programmes and initiatives. Stamps are thought to have originated in 17th-century Spain. These taxes were known as stamp duties because a tangible stamp was affixed on the document as proof that the document had been recorded and the tax due had been paid.
Stamp duty has always been paid by hand, but with technological advancements, online stamp duty payment has developed as a simple and cost-effective solution for businesses. Consideration price meaning in e-stamp refers to the total value of money involved in a purchase or sale transaction between two parties.
Stamp Duty
The stamp duty is a kind of tax that needs to be paid at the time of Karnataka property registration. This legal tax needs to be paid as proof for any purchase of immovable property or land or registration of deed. Stamp Duty is calculated on market value or consideration amount of the property, whichever is higher. The stamp duty for Karnataka Property registration is five rupees for every hundred on the market value of land. You can also obtain stamp duty value online through Kaveri portal. Note: Consideration amount is the total value of funds involved in any purchase or sale transaction entered between two or more parties. Access the home page of the Department of Stamps and Registration, Government of Karnataka -Kaveri portal.
What is E Stamp Paper?
E-stamp paper, also known as electronic stamping or e-stamping, is not a physical piece of paper. It’s a digital method for paying the government’s non-judicial stamp duty on a property or document.
Traditionally, people had to buy physical stamp papers with specific denominations to meet the stamp duty requirement. E-stamping eliminates the need for physical papers and offers a more convenient way to pay this tax. Stamping in agriculture means the use of a metal stamping process to create parts for farm equipment.
Karnataka e-Stamp Paper
Karnataka e-Stamp Paper is a computer-generated alternative for conventional stamp papers. To avoid counterfeit stamp papers and to make Karnataka property registration easy, the Government of Karnataka introduced e-stamping. As per The Karnataka Stamp Act, 1957 Act, transaction above Rs. 1 lakh should be paid only with Karnataka e-stamp.
Online Stamp Duty Payment for E-Stamp Documents
E-stamping, also known as digital Stamping, is a technique of paying stamp duty online safely and lawfully and digitally rendering stamp papers that may be affixed to electronic documents. In a word, it is an online service that provides e-stamp process documents.
India’s stamping system is a two-part process for paying a tax called stamp duty on various legal documents and property transactions. Many businesses offer a digital, seamless documentation workflow that complies with state and federal stamp standards. By digitally stamping papers, businesses can speed up the documentation process while securely stamping documents from anywhere and at any time.
Benefits of Karnataka e-Stamp paper
- Karnataka e-stamp paper is a convenient method for tax at the time of property registration
- Usage of Karnataka e-stamp paper eliminates the need of non-judicial stamp papers for deed registration
- All details of property registration stamp duty can be obtained from a single online portal
- Karnataka e-stamp paper online purchase makes the property registration process quick
- Karnataka e-stamp paper is tamper proof
- Validation is very easy with Karnataka e-stamp paper
Procedure to Purchase Karnataka e-Stamp Paper
Step 1: You have to ascertain the Karnataka property registration reference number and the amount of stamp duty payable from the concerned Registration office.
Step 2: Approach the nearest counter of CRA in Registration office or CRA branch office or Authorized collection centres (ACC) and fill up the Karnataka e-Stamp Paper application form.
Step 3: After providing details in e-stamp paper such as property/land details, first party information, Second party information, the rate of stamp duty payment furnish the application form at the counter. Make Payment
Step 4: Applicant can make the payment through any of the following ways to get Karnataka e-stamp paper:
- Cash
- Cheque
- Demand Draft
- Pay Order
- RTGS
- NEFT
- Account to Account transfer
Step 5: Once the payment for stamp duty is made, the Karnataka e-Stamp Paper will be generated and issued to the applicant.
Step 6: In the case of payment made through Cheque/DD, the applicant will get a receipt from the counter. Upon crediting the amount to the CRA account, the applicant can get the Karnataka e-Stamp Paper from the concerned counter.
Step 7: After obtaining the debit confirmation from the concerned bank, visit the nearest concern counter; submit the transaction reference provided by the bank along with duly filled the e-Stamp Application Form to get the e-Stamp paper.
Step 8: For registering property in Karnataka, visit the concerned registration office with the Karnataka e-Stamp Paper along with the deed.
FAQs
Attribute in Karnataka e-Stamp Paper?
- Name of payee
- e-Stamp paper Serial number
- Government Receipt Number (GRN)
- Payment Date and Time
- Nature of property or land
- Department Reference Numbers
- Value of immovable property or land
- Amount of stamp duty paid
Licensing Authority?
The Stock Holding Corporation of India Limited (SHCIL) is appointed as the Central Record Keeping Agency for issuing Karnataka e-Stamp paper.