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Karnataka Increases Tax on Petrol, Diesel, Liquor to Fund Loan Waiver

July 10, 2018

Karnataka Increases Tax on Petrol, Diesel, Liquor to Fund Loan Waiver

To finance the loan waiver for the farmers in Karnataka, Chief Minister H D Kumaraswamy hiked the tax rates on the key commodities viz. Petrol and Diesel. The rates have been increased from 30% to 32%, 19% to 21%, respectively. In addition to that, he has also proposed to increase the rate for the Indian Made Foreign Liquor (IMFL).

Karnataka government announced a budget of Rs. 2.13 trillion out of which Rs. 340 billion were allotted to farm loan waiver.

Photo credit: Got Credit on Visual hunt / CC BY

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