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Homechevron_rightKeralachevron_rightChidambaram terms...

Chidambaram terms Kerala budget ‘Faustian bargain’, suggests ‘notional tax’ to tackle inflation

Chidambaram terms Kerala budget ‘Faustian bargain’, suggests ‘notional tax’ to tackle inflation

Veteran Congress leader and former union Finance Minister P Chidambaram took a dig at the Kerala government over the state budget for Fiscal year 2023-24.

In his tweet, he called the budget a ‘Faustian bargain’ asking the State finance Minister K N Balagopal to impose ‘notional taxes’ to tackle inflation in the state.

“Dear FM, Kerala: why don't you impose 'notional' taxes of ₹2000 crore and save yourself the trouble of spending ₹2000 crore to tackle inflation?” Chidambaram asked in a tweet.

The former Minister was referring to the Communist Party of India (Marxist)-led Kerala government’s objective to reserve Rs. 2000 crore to contain inflation in the state while imposing a social security cess on the sale of fuel, liquor, motorcycles and electricity, leading to a possible surge in their price.

An addition of Rs 2 per litre of petrol and diesel, Rs 20 per bottle of Indian Made Foreign Liquor (IMFL) in the price range of ₹500-999 and Rs 40 for each bottle costing above ₹1,000 was announced as part of social security cess in the budget.

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TAGS:Kerala budgetP Chidambaram
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