Thiruvananthapuram: The Kerala Budget presented by Finance Minister KN Balagopal on Friday included some significant changes in the land tax.
The basic land tax would be revised by the introduction of a new slab in Grama Panchayats, Municipalities and Corporations. This is expected to generate additional revenue of Rs 80 crore.
A statewide digital land survey project worth Rs 339 crore will be undertaken for updating the land records through better technology.
A one-time increase of 10 % will be implemented in Fair Values across all segments. It is expected to result in an additional revenue generation of Rs 200 Crores.
The government also made a provision in the budget for taxpayers to settle pending arrears under the state GST. The deadline for bar hotels that couldn't file their returns due to software issues has been extended to March 31, 2022. The arrears should be paid before April 30, 2022.
Taxpayers who have made excess payments of Kerala Flood Cess will be reimbursed.
The one-time motor vehicle tax on Motor Cycles costing up to Rs 2 lakh has been increased by 1%. This is expected to bring in revenue of about Rs 60 crores per year.
The green tax imposed on the old vehicles (above 15 years) has been increased by 50%.
SHORTFALL IN GST
The finance
minister observed that the state will experience a shortfall of Rs
11,000 crore in GST compensation after June. There will be
simultaneous cuts in Centrally Sponsored Schemes as well.
The state had a revenue receipt of Rs 1.17 lakh crore and revenue expenditure of Rs 1.49 lakh crore in the past year.
The revised budget estimates for
2021-22 is as follows:
Revenue Receipts: Rs 1.17 lakh
crore
Revenue Expenditure: Rs 1.49 lakh crore
Revenue Deficit :
(-)Rs 23,176.05 crore
Capital Expenditure (Net): (-) Rs
12,183.51
Loans & Advances (Net): (-)Rs 2296.91 crore
Public
Debt (Net): Rs 26,633.31crore
Public Account (Net): Rs 10,980
crore
Overall Deficit: (-)Rs 43.16crore
Opening balance at the
beginning of the year: (-)Rs 206.42 crore
Closing balance at the
end of the year: (-)Rs 249.58 crore