LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

Karnataka budget 2018: Kumaraswamy waives farm loans, but shocks with petrol, diesel, liquor, power levies hike

Kumaraswamy, while presenting the budget for fiscal 2018-19, said, "I propose to waive farm loans totalling Rs 34,000 crore, with Rs 2 lakh per farmer family," .In some straight talk, Kumaraswamy, said he was increasing levies to generate more revenue so as to reduce the burden of Rs 34,000 crore resulting from farm loan waiver. 

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
 Karnataka budget 2018: Kumaraswamy waives farm loans, but shocks with petrol, diesel, liquor, power levies hike
Karnataka Chief Minister HD Kumaraswamy presents the state budget for 2018-19 at Vidhana Soudha in Bengaluru. Image source: IANS.
Written By: ZeeBiz WebTeam
Updated: Thu, Jul 05, 2018
07:38 pm
New Delhi, ZeeBiz WebDesk

Karnataka budget: The new JD(S)-Congress coalition government on Thursday presented its first budget and promptly waived off farm loans totalling Rs 34,000 crore. While this came as a big relief for distressed farmers, other segments of society suffered multiple blows as Chief Minister HD Kumaraswamy led government proposed higher levies on petrol, diesel, liquor and power. While the loan waiver will drain the treasury, the new levies will help replenish it as more revenue will flow in. Kumaraswamy, who holds the Finance portfolio, presented a Rs 2,13,734 crore budget. 

Kumaraswamy, while presenting the budget for fiscal 2018-19, said, "I propose to waive farm loans totalling Rs 34,000 crore, with Rs 2 lakh per farmer family," .In some straight talk, Kumaraswamy, said he was increasing levies to generate more revenue so as to reduce the burden of Rs 34,000 crore resulting from farm loan waiver. 

He added, "All crop loans defaulted by farmers up to December 31, 2017 are waived in the first stage. Only loans borrowed from district cooperative banks and state cooperatives are waived in the first stage."
Not just this, there was more good news for farmers as Kumaraswamy also proposed in the budget to allot Rs 6,500 crore for farmers to avail as new loans. This they can do after submitting a certificate from the department concerned that their loan arrears have been waived.

He added to the windfall for farmers by saying, "Farmers who repaid loans within the stipulated time will be entitled to fresh credit up to Rs 25,000 or repaid amount, whichever is less". The other segments of society should however, get set to feel the pinch over a higher tax outgo for purchases. The budget proposes to increase petrol price by Rs 1.14 per litre and diesel by Rs 1.12 per litre.

Kumaraswamy indicated the massive amounts of revenues he is targetting by the nature of the hikes - revealed the extent of the gain in monetary terms from the above move. The CM said, "I propose to increase tax on petrol and diesel by 2 per cent, (levy) additional excise duty on Indian made liquor brands (at) 4 per cent, tax on captive power (by) 20 paise per unit and motor vehicle tax on commercial vehicles (by) 50 per cent .

As such, the revised excise revenue target is now Rs 19,750 crore as against Rs 18,750 crore set in the provisional budget that was presented by the former Congress govt on February 16.  The revised motor vehicle tax proposal will bring in another Rs 6,656 crore.

Tipplers buying spirits in the state are set for troubled times ahead. Kumaraswamy said, "I propose to increase the excise duty on Indian made foreign liquor (IMFL) by 4 per cent to raise additional revenue for meeting the budget expenditure".

Taxing energy was top on the list of Kumaraswamy presumably as he went on to announce a 20 paise per unit hike in power tariffs.
To add to the woes of the public, state-run oil marketing firms (OMCs) hiked fuel prices on Thursday too after almost a month of retaining a no-change policy.

Watch this Zee Business video

Today, petrol in Bengaluru was priced at Rs 76.94 per litre and diesel Rs 68.47 per litre.
 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Karnataka budgetKarnatakaHD Kumaraswamy
RELATED NEWS

LATEST NEWS

West Ham's Declan Rice worth more than 100 mn: David Moyes

Rupee falls 14 paise to 73.16 against US dollar in early trade

Gold price today recovers from nine-month low on U.S. stimulus cheer

LIVE: JEE Main Result 2021 February - To be declared, announced today? Answer Key PDF Download, Date, Time, NTA Link jeemain.nta.nic.in, Check Latest Updates

7th Pay Commission: After family pension, Modi government BIG relief on DA for central government employees likely soon, pensioners to benefit too

Toyota VC invests in AI startups, firms that refine everyday processes

Yes Bank Share price: Target price Rs 14, Anand Rathi maintains Sell rating | Earning, valuation and key risks

Send best WhatsApp wishes, quotes, messages to your loved ones on International Women's Day 2021

SBI share price Technical Analysis: Decoded by Bonanza Portfolio

Chinese beauty app Meitu shares surge after cryptocurrency investment

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved