Friday, July 08, 2011: Finance Minister K. M. Mani announced two percent cess on houses with built-up area above 4000 square feet in his revised budget for the current year presented to the Assembly on Friday.
Mani also announced withdrawal of five per cent concession on surcharge on foreign liquor granted to State Beverages Corporation in view of its losses in 2004. The Corporation was now running in profit and will have to pay the earlier rate of ten per cent. The revenue from this will be Rs. 192 crore this year.
He also announced formation of a tax monitoring cell as well as a price monitoring bureau in the Finance Department. The cells will advice the government on resource mobilisation and preparations for implementation the goods and services tax and changes needed in tax laws. The bureau will develop a data base on prices. A call centre and website will be set up to handle complaints to the Finance Minister.
The Budget envisages a total additional resource mobilisation of Rs. 615.75 crore and additional expenditure of Rs. 982.73 crore. The cumulative deficit at the end of the year will be Rs. 350.27 crore.
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