Budget

Finance 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.

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.

Finance 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.

Kerala 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.

Kerala Finance Minister T. M. Thomas Isaac announced five per cent tax on rice bran oil to fetch Rs. 10 crore and announced new schemes costing Rs. 32.85 crores in the Assembly on Wednesday.

Replying to the general discussion on the revised Budget for 2016-17, the Minister also included more projects, requiring Rs. 1267 crore, under the special investment programme proposed in the Budget.

He also made amends to his announcement about restrictions in creation of new posts and offered to reconsider a few of his tax proposals at the Subject Committee.