The Karnataka budget proposed to increase the tax on petrol and diesel making fuel costlier in the southwestern state.
The Karnataka budget proposed to increase the tax on petrol and diesel making fuel costlier in the southwestern state. Chief Minister B S Yediyurappa, who also holds the finance portfolio, proposed to increase the rate of tax on petrol from 32 per cent to 35 per cent and diesel from 21 per cent to 24 per cent, as part of additional resource mobilisation measures. The tax rate would increase by three per cent, implying a rise of Rs 1.60 and Rs 1.59 per litre, respectively. The government also proposed to raise the excise duty on Indian Made Liquor (KML) across 18 slabs by six per cent.
In order to promote affordable housing, the government proposed to cut down on the first time registration of new apartments or flats that cost less than Rs 20 lakh from existing five per cent to two per cent. “For the year 2020-21, a total amount of Rs 55,732 crore is provided for stimulating economic growth sector”, Chief Minister B S Yediyurappa said.
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In FY21, the revenue target for the commercial taxes department has been fixed at Rs 82,443 crore. The government fixed a revenue target of Rs 20,950 crore for the excise department for FY20. The revenue collection target for 2019-20 under stamps and registration was fixed at Rs 11,828 crore and against this Rs 10,248 crore has been collected till the end of February 2020 which is 87 per cent of the full-year target, the government said. While the revenue collection target for 2020-21 under stamps and registration is fixed at Rs 12,655 crore.
Meanwhile, global oil prices climbed higher on Thursday ahead of an OPEC meeting in which Saudi Arabia is expected to push the group and its allies including Russia to agree to further output cuts to support the market.