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Business News/ News / India/  Kerala: Liquor, fuel to become costly as social security cess levied
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Kerala: Liquor, fuel to become costly as social security cess levied

The cess would be levied at the rate of ₹40 per bottle of IMFL having MRP above ₹1,000

Kerala Finance Minister K N Balagopal said it is proposed to levy a Social Security Cess at the rate of ₹20 for each bottle of IMFL (HT_PRINT)Premium
Kerala Finance Minister K N Balagopal said it is proposed to levy a Social Security Cess at the rate of 20 for each bottle of IMFL (HT_PRINT)

Prices of petrol, diesel, and liquor are to go up in Kerala as the state government has imposed Social Security Cess on their sales to mobilise additional revenue in the state budget.

Kerala Finance Minister K N Balagopal said it is proposed to levy a Social Security Cess at the rate of 20 for each bottle of Indian-made foreign liquor (IMFL)  having MRP between 500 and 999.

He said the cess would be levied at the rate of 40 per bottle of IMFL having MRP above 1,000.

"An additional revenue of 400 crore is expected through this," the minister said.

Another impetus measure towards the Social Security Seed Fund is proposed to be brought by bringing the Social Security Cess on sale of petrol and diesel at the rate of two per litre.

"This is expected to bring in additional revenue of 750 crore to the Social Security Seed Fund," he said.

The existing fair value of land would be increased by 20% to bridge the gap between market value and fair value.

Meanwhile, a one-time tax on electric motor cabs and electric tourist motor cabs was reduced to 5% of the purchase value to minimise air pollution and promote public transport.

The FM allocated 100 crore for welfare programmes and set aside 2,000 crore for tackling the price rise, besides announcing a slew of initiatives for the infrastructure and higher education sector.

The FM said common people would not be ignored while announcing big projects and 80 crore would be allocated for alleviating extreme poverty in the southern state. A total of 600 crore would be set aside for rubber subsidy in the state budget, he said, adding that a separate Research and Development budget would be presented to give more focus to the R&D sector.

During his budget speech, the minister said more focus would be given to the "Make in Kerala" project to increase the state's domestic production and give a boost to employment and investment opportunities.

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Published: 03 Feb 2023, 01:20 PM IST
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