Karnataka Government, on 21 March 2012, presented the Budget for 2012-13 that exceeded Rs 1 lakh crore in value and announced the acceptance of pay commission recommendations.
The Revenue surplus is estimated to be Rs 931 crore. Fiscal deficit is expected to be Rs 15,312 crore, which is 2.94 per cent of the GSDP. It proposed to levy value added tax (VAT) at five per cent on beedies and plastic woven fabrics and increase VAT on cigarettes and other tobacco products from 15 per cent to 17 per cent. Besides, the government has proposed to reduce the stamp duty from six per cent to five per cent on conveyance/sale deeds which, the government said, would facilitate the registering public and would also trigger development in the construction industry.
Karnataka Budget Speech 2012-13 - Part I
Karnataka Budget Speech 2012-13 - Part II