Thiruvananthapuram, Feb 4 (KNN) Kerala Finance Minister KN Balagopal announced a rubber subsidy of Rs 600 crore during the State budget presentation on Friday.

The state government also made crucial announcements regarding an increase in fuel cess, liquor price, taxes on vehicle and property.

Presenting the budget, Finance Minister allocated Rs 2,000 crore for market intervention initiatives to curtail price rise. 

Balagopal informed that a social security cess of Rs 2 per litre would be levied on petrol and diesel.

 He also proposed to levy a social security cess at the rate of Rs 20 for each bottle of Indian Made Foreign Liquor (IMFL ) having MRP between Rs 500 to Rs 999 and at the rate of Rs 40 per bottle of IMFL having MRP above Rs 1000

“It is proposed to levy a Social Security Cess at the rate of Rs 20 for each bottle of IMFL having MRP between Rs 500 to Rs 999 and at the rate of Rs 40 per bottle of IMFL having MRP above Rs 1000. Additional revenue of Rs 400 Cr is expected through this,” Balagopal said.

The state government has also decided to raise the cost of non-electric vehicles, and increase the industrial and commercial power tariffs.

One-time tax on vehicles including cars has been increased. The one-time tax on motorcycles has been increased by two per cent. 

Homes will also become costlier with a hike proposed in property tax and building permit.

The budget stressed on promoting public transport with an allocation of around Rs 330 crore for road and water transport.  (KNN Bureau)