Thiruvananthapuram: Finance Minister KN Balagopal said that the government was committed to providing sufficient funds to the Kiifb to fulfill the unexpected decline in the process of motorized vehicle tax and petroleum CESS, after stress related to Covid on the country’s economy.
“Kiifb is a unique financial model designed to meet Kerala’s development needs.
This invests in the project by seeking funds from various institutions.
There is a significant decrease in motor vehicle tax collection and Petroleum Cess, the main source of guaranteed funds for Kiifb.
The government has provided relaxation Private bus operators for payment of taxes considering the Covid situation.
These foreign factors cannot be a reason for the government to return to its original promises, “he said.
According to Kiifb’s actions, the government should transfer a portion of motor vehicle tax.
According to this arrangement, the share of the KIIFB of motor vehicle tax has reached a maximum ceiling of 50% this year.
“I have said in assembly that Kiifb loans are unlimited.
There is a point where it will stop borrowing and starting to focus only on payment,” he said.
Balagopal said it would make sense to assume that increasingly popular popularity would lead to a large enough sauce in the sale of petroleum products, Cess where the main source of government funds for Kiifb.
He said that if the recovery rate in tax collection continues to maintain its current momentum, the country’s economy will eventually defeat Blues Covid.
“The latest statistics show that there was a 31% increase in GST tax collection in August 2021, compared to the same period in 2020.
This indicator was encouraging, provided the economy sustained momentum.
Will it survive is a matter of worries,” he added.
Kiifb to get guaranteed funds from the Kerala government, said Minister KN Balagopal
