Assembly passes Finance Bill

Kerala Finance Minister T. M. Thomnas Isaac replying to the debate on thef Finance Bill on Nov. 7Thiruvananthapuram: The Assembly on Monday passed the Kerala Finance Bill, which gives effect to the taxation proposals in the Budget for the current year.

The Bill, reported by the Subject Committee, proposes to impose a five per cent duty on conveyance of property by way of amalgamation of companies on the recommendation of the committee. Besides, the stamp duty on gift, settlement and partition and release deeds, which was increased to 3 per cent with removal of ceiling on stamp duty and registration fee in the Budget, is restored to previous rates. However, the revised rate (3%) will apply if the area involved is more than five acres.

Replying to the debate on the Bill, Finance Minister T. M. Thomas Isaac said that the hike proposed in the tax on stage carriages had been reduced to 1100 per square metre at the Subject Committee.

He said that strong action would be taken against those arrested for running unauthorised lotteries. Cancellation of licence of Manju Lotteries in Thiruvanathapuram was under consideration.