Proposal to impose ‘Social Security Tax’ on petrol, diesel and liquor in Kerala’s budget

The Kerala government has proposed imposing a social security tax on petrol, diesel and liquor. In the budget presented on Friday for the State’s fiscal year 2023-24, the imposition of a ‘social security’ cessation on the sale of these products has been announced in order to raise additional revenue. This will increase the prices of vehicle fuel and liquor in the state. Introducing the budget, Finance Minister KN Balagopal said that it is proposed to levy a social security tax at the rate of Rs 20 for each bottle of Indian Made Foreign Liquor (IMFL) priced (MRP) between 500 and 999 rupees.

Whereas, a tax at the rate of Rs 40 will be levied on a bottle with an MRP greater than Rs 1,000. The state is expected to earn additional revenue of Rs 400 crore from this, he said. He said that in the budget for the next fiscal year, it is proposed to impose a social security tax at the rate of Rs 2 per liter on the sale of gasoline and diesel. It is gone. This is expected to generate an additional income of Rs 750 crore for the Social Security Initial Fund. In addition, to reduce air pollution and promote public transportation, the single tax on electric motor taxis and electric motor taxis for tourists has been reduced to five percent of the purchase price.

Disclaimer:Prabhasakshi has not edited this news. This news has been published from PTI-language feed.