Budget 2023 Expectations: Finance Minister Nirmala Sitharaman will present the general budget for the financial year 2023-24 on February 1, 2023.

Budget 2023 Updates: Union Finance Minister Nirmala Sitharaman will present the general budget for the financial year 2023-24 on February 1, 2023.

Meanwhile, Kerala Finance Minister KN Balagopal has expressed hope that more funds will be released for social and infrastructure development in the upcoming general budget (Union Budget 2023).

Along with this, the fiscal policy of the Center will be rectified in relation to the states.

The Left leader, who has been critical of the Centre's stand towards the states with regard to GST implementation and sharing of central funds, said the "serious discrimination against Kerala must stop".

Kerala Finance Minister KN Balagopal said that there is a financial crisis in the state due to the approach of the Center and that is why the development works of the state are being affected.

He said, "As far as Kerala is concerned, there has been a drastic decline in terms of percentage share in central taxes."

He said that at the time of the 10th Finance Commission, the state's share in the divisible pool was 3.92 percent.

At the same time, at the time of the 15th Finance Commission, the state is getting only 1.92 percent from the divisible pool.

Balagopal said that Kerala is not given its share citing that the state has made progress in education, health and other basic infrastructure.

He said, “Actually, we are facing the problems of the second generation.

We need more help for development from the current system.” Balagopal said that the finance ministers of the states had requested Union Finance Minister Sitharaman to extend the deadline for GST compensation during the discussion.

He said that the states are not getting GST compensation since July last year.

Apart from this, Kerala had also urged the Central Government to change the pattern of dividing GST revenue between Center and States.

Balagopal said, "We had urged that the distribution of GST treasury between the Center and the states should be changed from 50:50 to 60:40 in favor of the states."

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