The Karnataka government is expecting receipts of Rs 4.08 lakh crore in the next fiscal from various sources, including commercial tax and central grants, said Chief Minister Siddaramaiah on Friday.
Reading out the budget, he said that in the next fiscal, the total revenue receipts are estimated at Rs 2.92 lakh crore, which includes own tax revenue of Rs 2.08 lakh crore, non-tax revenue of Rs 16,500 crore, and the Government of India receipts of Rs 67,877 crore.
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In addition to these revenue receipts, gross borrowings of Rs 1.16 lakh crore and non-debt capital receipts of Rs 170 crore is estimated for 2025-26. "Total receipts estimated in budget for 2025-26 is Rs 4,08,647 crore," Siddaramaiah said.
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The Karnataka government has set a revenue target of Rs 1.2 lakh crore for Commercial Tax Department for the financial year 2025-26. It has also aimed to mop up Rs 28,000 crore from stamps and registration, Rs 15,000 from motor vehicle tax and Rs 9,000 crore as royalty collection.
The state has also aimed to make professional tax administration more convenient and efficient.
"It is proposed to make suitable amendments to the Professional Tax Act to increase the professional tax payable by salary and wages earners from Rs 200 to Rs 300 for the month of February to align with the maximum limit permissible of Rs 2,500 per annum," the CM said in his budget.
The Stamps and Registration Department has made e-Khata mandatory to streamline property registration. This initiative is anticipated to reduce property fraud and discourage undervaluing of properties to evade taxes, he said, and added that it will also bring unassessed properties into the valuable web.
Siddaramaiah said the government will roll out digital e-stamping for non-registerable documents from the current year to prevent misuse and fraud.
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