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Karnataka Budget 2023 highlights: Govt increases excise duty on Indian-made liquor, guidance value on immovable properties

Karnataka Chief Minister Siddaramaiah presented his 14th Budget on July 7. To mobilise resources for the implementation of the Congress’s five guarantees while making space for other development works, CM Siddaramaiah increased taxes on Indian-made liquor and guidance value of immovable properties. He said about Rs 52,000 crore would be spent annually to implement the five key poll promises of the Congress party.
Last Updated : 07 July 2023, 14:24 IST

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15:0507 Jul 2023

Karnataka CM Siddaramaiah concludes the Budget 2023-24 speech

Addressing the honorable Speaker,U. T. Khader, CM Siddaramaiah said

"I will make all the necessary efforts to fully implement all the schemes and programs announced in this budget. I seek the full co-operation of all the members of this House. I am confident that I will reach the goal with all your co-operation."

"I reiterate the words of Dr. B. R. Ambedkar that, "Justice is another name of liberty, equality and fraternity", and I place this budget of Justice, Equity and Guaranteed Development for consideration of the August House and seek approval for the full budget to incur expenditure up to 31st March 2024 as per the budget estimates for 2023-24," concluded CM Siddaramaiah

15:0407 Jul 2023

Karnataka Budget Estimation [2023-24]

--The Total Revenue Receipts estimated for 2023-24 is Rs.2,38,410 crore, which includes Rs. 1,75,653 crore of Own Tax Revenue including GST compensation, Rs. 12,500 crore is anticipated from Non-Tax Revenue, Devolution of Rs.37,252 crore and Grant in Aid of Rs. 13,005 crore is estimated to receive from the Government of India. These Revenue Receipts are estimated to be supplemented by gross borrowings of Rs.85,818 crore, non-debt capital receipts of Rs.23 crore, and recovery of loans of Rs.228 crore. The total receipts are estimated to be Rs.3,24,478 crore during 2023-24.

--Total Expenditure is estimated to be Rs.3,27,747 crore which includes Revenue Expenditure at Rs. 2,50,933 crore, Capital Expenditure at Rs.54,374 crore, and loan repayment at Rs.22,441 crore.

14:5907 Jul 2023

  Announcements related to RTO

--It is proposed to simplify Karnataka Motor Vehicle Tax Act by amending it.

--Simplified software will be introduced for accurate verification of motor vehicle tax transactions. The current tax levied on certain vehicle categories will be revised.

--The revenue collection target for the Transport Department for the year 2023-24 is fixed at Rs 11,500 crore.

14:5807 Jul 2023

Announcements related to  Stamps and Registrations

--The guidance value of all immovable properties across the State was revised during 2018-19 and came into effect from 01-01-2019.

--Due to the outbreak of the COVID-19 pandemic, the guidance value of immovable properties has not been revised to date. As there have been several physical changes in the properties, which have caused many anomalies in the guidance values of all immovable properties. In order to rectify these anomalies, the State Government will revise the guidance values for all immovable properties across the State this year.

--The revenue collection target for the Stamps and Registration Department for the year 2023-24 is fixed at Rs. 25,000 crore.

14:5607 Jul 2023

Announcements related to Excise Tax

-- Government proposes to increase the existing rates of Additional Excise Duty on Indian Made Liquor (IML) by 20 percent on all 18 slabs as per Annexure-1. I also propose to increase the Additional Excise Duty on Beer from 175% to 185%. Even after the increase in excise rates, the price of liquor in our State would be lower when compared to the neighboring States.

-- With this and effective enforcement and regulatory measures, the revenue collection target for the Excise Department for the year 2023-24 is fixed at Rs. 36,000 crore.

Published 07 July 2023, 02:31 IST

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