Query on Stamp Duty

[sajjala joshi]

Dear All,

 

Two Things-

 

1) In case of Service Agreement who shall borne the Stamp Duty ie. who shall pay the stamp duty the agent or the principal?

 

2) How much stamp duty is payable on the service agreement in state of Karnataka? And is registration of agreement mandatory or how beneficial it is?

 

regards

Sajjala

[sajjala joshi]

this is a ongoing contract for 3 years, so any fix consideration is
not given in agreement, as and when the service provider(agent) raises
the bill on company (principal) , the co shall pay the bill after
deduction of the taxs as per prevailing laws.

kindly help me on this

regrds
Sajjala

[sajjala joshi]

Dear Friends,

 

I got Answer to my questions, so wish to share with you all -

 

1) Stamp duty can be borne by either party or both the parties, this is predetermined.

 

2) In Karnataka it is Rs. 200/- on the service agreement and not on the consideration since it is a ongoing contract there is no consideration amount in the agreement as off now.

 

And in case of service agreement untill and unless it is a monopolistic or restrictive agreement no need to do registration.

 

thanx and regards

Sajjala 

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