Compounding tax reduced for small metal crushers

By Staff
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Google Oneindia News

Thiruvananthapuram, July 24 (UNI) Kerala Finance Minister Thomas Issac today announced rebates on compounding tax for small metal crushers and stamp duty for the purchase of flats.

Winding up the discussion on the Kerala Finance Bill, 2007, the Minister said the compounding tax for small metal crushers would be reduced to Rs 50,000 from the proposed Rs 60,000. Similarly, flats with a value of less than five lakh rupees would get concessions in stamp duty.

However, the Minister said there was no move to reduce the six per cent one-time tax imposed on new vehicles as the rate was very low as compared to some southern states.

Later, the House passed the Finance Bill.

Talking to newspersons here, the Minister said the financial management of the state had improved during 2006-07 as it was evident from the report of Accountant General. The revenue deficit had come down to Rs 2,589 crore from Rs 3,129 crore.

He said the debt burden of the state came down to 39.5 per cent from 41.2 per cent during the period mainly due to a 25 per cent increase in revenue receipt.

UNI

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