Kerala Budget 2023: Liquor, fuel, new vehicles, electricity to get costlier; See full list here
Petrol, diesel and liquor are to cost more in Kerala as the Left government imposed Social Security Cess on their sales as a way to mobilise additional revenue in the state budget presented in Thiruvananthapuram on Friday.
Petrol, diesel and liquor are to cost more and motor vehicle tax and fair price value of land to go up in Kerala as the state government acted tough to mobilise additional revenue to carry forward their social security schemes and development programmes in the budget presented in Thiruvananthapuram on Friday.
Despite wide expectations, the social security pension received no hike but Finance Minister K N Balagopal, while presenting the budget for the fiscal 2023-24, assured that the financial constraints would not impact the welfare schemes of the Left government.
He did not mince allocations in the health and education sectors amid cash crunch which received an outlay of Rs 2,828.33 crore and Rs 1,773.09 crore respectively.
While presenting the budget for fiscal 2023-24, Finance Minister K N Balagopal said it is proposed to levy a Social Security Cess at the rate of Rs 20 for each bottle of IMFL having MRP between Rs 500 and Rs 999.
Also read: Kerala Budget 2023: Petrol, diesel prices to increase by Rs 2 per litre; check details
He said that the cess would be levied at Rs 40 per bottle of IMFL having MRP above Rs 1,000. "An additional revenue of Rs 400 crore is expected through this," he said.
Another impetus measure towards the Social Security Seed Fund is proposed to bring the Social Security Cess on sale of petrol and diesel at the rate of Rs two per litre. "This is expected to bring in additional revenue of Rs 750 crore to the Social Security Seed Fund," he said.
The existing fair value of land would be increased by 20 per cent to bridge the gap between market value and fair value, the FM said.
The one-time tax on newly purchased motorcycles having purchase value up to Rs 2 lakh is enhanced by 2 per cent, he said adding that an additional income of Rs 92 crore is expected through this. However, a one-time tax on electric motor cabs and electric tourist motor cabs reduced to 5 percent of the purchase value to minimise air pollution and to promote public transport, the minister added.
Also read: Budget 2023: Mobiles, TVs to get cheaper; Gold, silver, cigarettes to get costlier; See full list here
Here's a list of what will get costlier:
1. Petrol and Diesel hiked by Rs 2 per litre
2. Liquor - Rs 20 for each bottle of IMFL having MRP between Rs 500 and Rs 999, Rs 40 per bottle of IMFL having MRP above Rs 1,000
3. Cost of acquiring apartments to rise - Stamp duty increased by 2%
4. Fair value of land increased by 20%; rent to be based on fair value of land
5. Court fee stamp duty - 1% fee for defamation cases
6. Change in one-time cess on new vehicle registrations - Two-wheelers Rs 100 (from Rs 50), Light motor veicles Rs 200 (Rs 100), Medium motor vehicles Rs 300 (Rs 150), Heavy motor vehicle Rs 500 (Rs 250)
7. Increase in price of new cars and vehicles in private use - Till Rs 5 lakh - 1% increase, Rs 5 - Rs 15 lakh - 2% increase, Rs 20-30 lakh - 1% increase, above Rs 30 lakh- 1% increase
8. Motorcycle tax hike - A 2% additional tax will be levied on motorcycles priced up to Rs 2 lakh
9. Electricity charges have been hiked - Electricity duty for commercial and industrial sectors has been increased to 5%
Meanwhile, a one-time tax on electric motor cabs and electric tourist motor cabs was reduced to 5 per cent of the purchase value to minimise air pollution and to promote public transport.
Here's a look at what will get cheaper:
1. One-time tax on electric motor cabs reduced by 5%
2. Tax on vehicles reduced to 5% of the total price of the vehicle
3. 10% reduction in taxes on contract and state carriage vehicles
Also read: Kerala Budget 2023: Rs 2,000 crore allocated to address price rise, focus on 'Make in Kerala' projects