: The tax proposals presented in the budget for 2016-17 by Finance Minister T.M. Thomas Isaac took effect on Monday with the tabling of the Finance Bill 2016 in the Assembly.
The new imposts in the budget would increase the prices of some commodities, including coconut oil, packaged wheat products and basmati rice, on account of a 5 per cent tax.
The price of textiles too are set to go up due to a 2 per cent levy.
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In a move that attracted national and international attention Dr. Isaac also slapped a first-of-its-kind ‘fat tax’ of 14.5 per cent on food articles of conspicuous consumption such as pizzas and burgers sold through branded restaurants. Vehicles aged more than 15 years have been slapped with a ‘green tax’.
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