Budget

Measures to streamline tax collection

Finance Minister Thomas Isaac replying to debate on Appropriation Bill on ThursdayFinance Minister T. M. Thomas Isaac told the Assembly on Thursday that the government would be taking a number of measures to improve tax collection.

Dr. Isaac said that the about 70 per cent of tax revenue came from Kochi. So, the government was planning a ‘Mission Ernakulam’ to achieve better tax realisation from the area. The tax growth from the area was a mere two per cent.

Hike in stamp duty for partition, gift deeds to be rolled back

Finance Minister Thomas Isaac (file photo)Thiruvananthapuram: Finance Minister T. M. Thomas Isaac said in the Assembly on Wednesday that the hike in stamp duty on partition, gift, release and settlement deeds announced in the revised Budget for the current year would be rolled back.

The duty had been raised from one per cent three per cent.  The extent of reduction of duty and registration fees would be decided at the Subject Committee, the Minister said while piloting the Kerala Finance Bill.

Tax proposals in the Budget comes into force today

Budget speech - coverFinance Minister T. M. Thomas Isaac introduced the Finance Bill in the Assembly on Monday to give effect to the financial proposals of the government in the revised Budget for the current financial year.

These include sales tax on coconut oil, green tax on vehicles older than 15 years and fat tax on certain cooked items of branded restaurants, besides hike in stamp duty for registration of land deals.

Financial risks in Budget proposals is worth taking: Thomas Isaac

Kerala Finance Minister T. M. Thomas IsaacKerala Finance Minister T. M. Thomas Isaac told the Assembly on Thursday that the State government would have to take certain financial risks for infrastructure development.

Replying to the debate on the demands for grants on account, the Minister said that the State had highly educated youth on account of the developmental model followed by it. They have to be found new jobs in sectors such as Information technology, biotechnology, light engineering and tourism.

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