Tax proposals, including Rs 2 social security cess on petrol and diesel, for additional resource mobilisation of Rs 2,955 crore figure in the Kerala government’s budget for 2023-24 fiscal, which was presented in the Assembly on Friday.
The budget also proposed to increase the tax on Indian made foreign liquor (IMFL), which is already taxed at 251 per cent, the highest in the country. The government envisages to mobilise an additional revenue of Rs 400 crore by levying a social security cess at a rate of Rs 20 or Rs 40 on each bottle of IMFL.
Some of the highlights of the budget presented by Finance Minister K N Balagopal are: Rs 1,000-crore industrial corridor to tap the emerging business potential around the upcoming Vizhinjam international seaport;
