The Kerala Budget for the year 2023-24 was presented by state Finance Minister KN Balagopal on Friday, February 3. While the outlay for the health and education sectors were not minced, the Budget was opposed by several politicians as tax and cess have been increased for various goods and services including liquor and fuel. Here’s a list of what will become more expensive in Kerala with the new Budget in place:
> Social Security Cess of Rs 2 per litre to be placed on petrol and diesel
> There will be a price hike in stamps for court procedures
> Hike of Rs 20 for liquor priced between Rs 500 and Rs 999. There will be a Rs 40 hike per bottle that costs more than Rs 1000.
> The one time tax payment of two wheelers that priced up to Rs 2 lakh will be increased.
> One-time tax on newly purchased motor cars and private service vehicles for personal use has been increased.
> There will be an increase in royalties in the mining sector. “Combine the seigniorage and royalty to a single rate and link it to the value of the minerals. Compounding system will be discontinued, and royalty will be based on quantity,” KN Balagopal said during his Budget speech.
> There is a change in the property tax structure for those who own more than one house. The Finance minister also hinted at imposing payments on houses that are not in use.
> The electricity duty applicable for commercial and industrial units shall be increased to 5%.
> There will be a revision in the tax amount of leased out government lands. “The annual Basic Land Tax levied on the Patta land shall be considered for revision based on usage for commercial and industrial occupation,” the Finance Minister said.