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Karnataka State Budget 2012-13 Hightlights
Finally Karnataka State Budget 2012-13 has been presented in Karnataka Assembly on March 21, 2012. Sadananda Gowda has presented his first budget after taking over the CM position from Yeddyurappa and he has delivered to the expectation of people thought not all sector, but it is people friendly Budget 2012-13. Read more..
With Yeddyurappa and his supportive ministers backing CM DV Sadananda Gowda for the Karnataka State Budget 2012-13 which was presented in the state assembly on March 21. Everyone had their eyes on what the box contain, as the Finance portfolio was with DVS and he wanted to bring a people friendly budget. With Union Budget not giving the cheer to the citizens, he grab eyeballs with his budget when he started his speech.
CM DV Sadananda Gowda, has finally delivered the people friendly budget to the state. He has covered almost every sector and made them happy. The most covered sector as always was agriculture and farmers.
Karnataka Budget Highlights:
No Interest on short term crop of upto Rs. 1 lakh borrowed from co-operative institutions.
Partnership firm spared agricultural income tax.
A legislation likely to make mandatory one year rural service for MBBS graduates.
Monthly social security pension for eligible persons in the age group of 65-80 rose to Rs. 400 to 500. This will benefit 30 lakh people across the state.
Setup a job placement cell for Physically handicapped person.
Beer and low alcohol beverages, beedis, cigarettes and other tobacco products, plastic woven fabrics and hiring mariage halls, seminar and convention hall will be more costlier now.
What went down and benefits the citizens:
Diesel, rice, pulses wheat and other foodgrains, sale deed stamp duty for joint development agreement, ready to eat chapatis and paranthas, fruit wine, dry chillies, unginned raw cotton, surgical footwear and Braille watches will be more cheaper now.
Lets look into more detail the Karnataka Budget
Benefits on property deal: The property stamp duty has been decreased from 6% to 5%. This will save 1% for citizens while buying properly in the state.
VAT has been decreased on gold from 2% to 1%.
Staple food like paddy, rice, wheat, pulses and their by products are exempted from VAT and with reduction from 3% to 2%.
Ready to cook chapati and paranthas will go lower with a reduction from 14% to 5%.
Reduction in Sales tax on diesel from 18% to 16.75% will benefit consumers and decrease their fuel bills.
Braille watches are fully exempted from watches.
Some more items which have got tax reduction from 14% to 5% are surgical footwear, black boards.
More investment of the infrastructure development of the city which will include Roads, pavement and other developments.
Gowda is also looking for decrease in tax for petrol. However, for now it is not in the budget.
Citizens will now need to pay more all kind tobacco products with an increase in tax from 15% to 17%. This is an addition to Union Budget increase on it.
Citizens will shell out more on Indian made whisky, rums, beers, gin, brandy and vodka. However, local made (manufactured in Karnataka) will be more cheaper than others. There is an increase of excise duty between 7.5% t0 10%.
Overall the budget seems to be good and also people friendly.
Read related articles: Budget 2012 13
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|Guest Author: sayadkalim 26 Mar 2012|
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