Karnataka Fiscal Responsibility (Amendment) Act, 2020

Oct 16, 2020 | by Avantis RegTech Legal Research Team


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 Act shall be deemed to have come into force with effect from the first day of April, 2020.

In section 4(3) relating to fiscal management principles, after the fourth proviso, two new provisos have been inserted specifying that the fiscal deficit during the financial year 2020-21 shall not exceed five percent of estimated Gross State Domestic Product. Secondly, during the financial year 2020-21, the State revenue deficit may arise due to reduction of receipts, as a result of Covid-19 pandemic.

[Notification No. DPAL 63 SHASHANA 2020]

 


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