On February 3, 2023, K N Balagopal, Finance minister, State of Kerala delivered the budget speech. As the Union Budget 2023 already featured a significant break, the following are the Key Highlights of the Kerala Budget 2023:
Budget Highlights
- ‘Make in Kerala’ – 100 Cr to support Agritech startups
- Energy Park – Set up an industrial park manufacturing EV battery and allied equipment
- Electric Vehicle Consortium – set up EV drive testing lab
- Constitute Fisheries Innovation Council
- Form Medical Tech Innovation Park and Kerala Medical Technology Consortium (KMTC)
- Proposes to set up new online examination centres under Kerala Public service Commission
- Implement E-governance scheme in courts
- Loan scheme through KFC for ex-servicemen to start MSME units
- 7 changes to be brought on mining sector under non tax category
- Property Tax revision to be conducted
- 5% increase on Electricity Duty for commercial and industrial units
- One – time tax of 2% on newly purchased motorcycles up to 2 Lakhs
- One time tax on newly purchased Motor cars and Private Service Vehicle for personal use
- 5% reduction in one time tax on Electric motor cabs and electric tourist motor cabs
- Up to 10% reduction on contract carriage/stage carriage vehicle operators
- Increases One time Cess on newly registered motor vehicles
- Private Service Vehicles and Special school bus tax at par with Educational Institution Buses owned by Govt.
- Ceiling of Rs. 20,000 for filing appeals under the KVAT, KGST, and Luxuries Tax Acts
- Necessary amendments on KVAT on appeal pre-deposits
- Stamp duty increases from 5% to 7% on flats/apartments
- Social Security Cess on IMFL and petrol and diesel
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