CM Siddaramaiah presents popular budget for poll-bound Karnataka
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With an eye on Assembly election, due in late April or early May, Karnataka Chief Minister Siddaramaiah on Friday presented a popular state budget for fiscal 2018-19 to please all sections of society. Barring 8 per cent increase in additional excise duty on Indian-made liquor, the budget spared the people from fresh taxes despite Rs 151.30 crore deficit on capital account (revised estimates) on steep hike in borrowings.
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"For new fiscal (2018-19), revenue surplus is estimated to be Rs127.28 crore, while deficit on capital account is expected to be Rs 383.25 crore due to higher institutional borrowings and repayment of loans," he pointed out. Projecting Rs 1,03,444 crore tax revenue, including GST (Goods and Services Tax) compensation from the Central government for FY 2019, an increase of 12.78 per cent over the revised estimates of FY 2018, the Chief Minister said the non-tax revenue would be Rs 8,163 crore.