Karnataka Fiscal Responsibility (Amendment) Act 2020

Oct 26, 2020 | by Avantis RegTech Legal Research Team

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Finance & Taxation Compliance

The State Government of Karnataka on October 15, 2020 has issued the Karnataka Fiscal Responsibility (Amendment) Act, 2020 to further amend the Karnataka Fiscal Responsibility Act, 2002. 

The following amendment has been made: 

• Section 4 (3), which specifies the maximum limit of the fiscal deficit for the financial year, a new provision has been inserted, namely: 

“Provided also that, the fiscal deficit during the financial year 2020-21 shall not exceed five percent of estimated Gross State Domestic Product. Provided also that, during the financial year 2020-21, the State revenue deficit may arise due to reduction of receipts, as a result of Covid Pandemic.”

[Notification No. 21 of 2020]

 


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