Siddaramaiah, the Chief Minister of Karnataka, presented the state’s annual budget yesterday. He also holds the Finance portfolio, and this is his 12th budget as the finance minister.
Also, this will be his final full-fledged budget before the state elections go for the next year.
He said, “Any public policy, apart from the purpose of achieving the intended target, should also be very efficient in its execution. Demonetisation caused an enormous amount of distress to the public, but the Union Government is yet to disclose what outcome has been achieved by it.”
Here are the highlights:
01. Value Added Tax (VAT) on wine, beer, and hard liquor has been lifted. It will be removed from Apil 1, 2017
02. The administrative fee of Rs 2 per litre on export and Re 1 per litre on spirit (excluding ethanol) is to be withdrawn
03. Movie tickets will no longer cost more than Rs 200 at all cinema theaters, including multiplexes.
04. High-end motorbike prices will go up. The tax will be hiked from 12% to 18% (Applied to all bikes that cost more than Rs 1 lakh.)
05. A government-subsidised chain of food centers called ‘Namma Canteen’ similar to the ones in Tamil Nadu will be initiated. They will sell breakfast at Rs 5 and lunch at Rs 10
06. The agriculture in the state has been allocated Rs 5080 crore
07. The total expenditure in the budget is proclaimed to be around Rs 1.86 lakh crore
He recited his commitment and ensured that he would keep a note of the cause of women and child welfare upliftment in his ministry. He further added, “Darkness will not cast on the future of the land where women and children are the focus of development. This is a simple truth which I have found out by experience.”
To know about the Union Budget 2017- 18. Click here.
Source: Economic Times