Karnataka: 75% exemption on Stamp Duty for IT & ITES entities for setting up in these 4 districts

The Department of Electronics, Information Technology, Biotechnology and Science & Technology announced a 75% exemption on Stamp Duty for Information Technology (IT) and Information Technology Enabled Services (ITES) entities that wish to set themselves up in the districts of Mysuru, Hubbali, Dharwad and Mangaluru. Other districts in the state barring Bengaluru Urban and Bengaluru Rural have been given a 100% exemption in this regard. 

Minister for IT/BT, Priyank Kharge had stressed on the need for young entrepreneurs and startups to get access to mentorship, incubation centre and the government in an interaction with NewsFirst Prime during the SOUL Bengaluru Business Conclave that had a shared goal of Karnataka’s arrival as a USD One Trillion economy by 2030. “65% of the state’s Gross Domestic Product (GDP) comes from IT and ITES which is where the silicon valley of India (Bengaluru) is. We are very proud of it but we are also seeing if we can do anything beyond Bengaluru and beyond IT/BT,” Ullas Kamath, Chair for Karnataka State Council of the Federation of Indian Chambers of Commerce & Industry (FICCI) said in an interaction with NewsFirst Prime during the announcement of the inaugural edition of the SOUL Bengaluru Business Conclave.