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Budget levies imposts on transport sector

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Budget levies imposts on transport sector
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Thiruvananthapuram: Seeking to mop up funds for its development and welfare initiatives, Congress-led UDF Government Friday hiked taxes and levies touching mostly motor vehicles, liquor, textiles and buildings.

In his budget for 2014-15 presented in the state Assembly, Finance Minister K M Mani sought to raise additional resources of Rs 1556.35 crore while giving emphasis on farm sector and increasing various welfare pensions.

Claiming that the levies were being rationalised, the budget proposed to collect around Rs 260 crore from motor vehicles and transport sector alone.

This is not only expected to affect the affluent but also the common man may have to pay more to travel in autorickshaws.

The budget sharply increased the purchase tax on imported vehicles, lumpsum tax on motor cars of various capacities and sizes, new generation caravans and inter-state coaches.

It also hiked the duty on Indian Made Foreign Liquor (IMFL) by 10 per cent, eyeing to net an additional amount of Rs 400 crore.

In a proposal that could impact the real estate business, the Finance Minister rationalised the compounding taxes on metal crusher units and brought manufactured sand under the tax net, which together would contribute Rs 140 crore.

The concession enjoyed by eateries selling multi-national brands had been withdrawn, making the food sold by them costly. The exchequer targets to get Rs 10 crore from its.

The service apartments given on daily rent basis had been slapped with a 12.5 per cent tax.

The budget proposed to double taxes on building and levy on luxury buildings, seeking to mop up Rs 70 crore. However, in a relief to low income groups, houses having a plinth area of up to 100 sq metre and commercial buildings of 50 sq metre have been given exemption.

Price of weekly lotteries would be increased by Rs 10 and the government expects to get Rs 5,500 crore from the lottery business.

Sailing into its fourth year in power and the Lok Sabha polls round the corner, the UDF government proposed a slew of sops for agricuture sector and enhanced various welfare pensions.

PTI

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