Liquor has become costlier… 36 thousand crores will be filled in the government exchequer by drinkers, the price is going to increase here

Liquor may not be good for the health of the drinkers, but it takes great care of the health of the government exchequer. All the governments earn huge money from the fee received from this and it proves to be one of the most important sources of revenue for them. This is the reason that the Government of Karnataka has decided to raise more money from here.

This proposal made in the budget

Siddaramaiah, the Chief Minister of the new government of Karnataka, presented the new budget on Friday. Presenting the budget, he proposed an increase in excise duty on India-made English Liquor (IMFL) by up to 20 per cent. This hike is proposed for all the 18 slabs of IMFL. This means that in the coming days, the liquor lovers of Karnataka will have to spend more money to fulfill their hobby.

drinking beer will be expensive

Chief Minister Siddaramaiah suggested increasing the excise duty on beer to 185 percent as part of the proposed changes. At present, excise duty at the rate of 175 per cent is applicable on beer in Karnataka. Siddaramaiah says that even after the latest increase in excise duty, the prices of liquor in Karnataka are going to remain low as compared to the neighboring states.

Target to raise this much revenue

At the same time, this increase is going to fill the coffers of the state government a lot. In the latest budget, the target of revenue collection for the excise department has been increased. According to the proposal, the Excise Department has to collect a revenue of Rs 36 thousand crore in 2023-24.

Shares of liquor companies broke

Karnataka is one of the major markets for liquor companies. Karnataka is a big market especially for beer companies and contributes up to 15 per cent of the total consumption. In such a situation, the shares of liquor companies were broken due to the proposal to increase the excise duty. These stocks declined by 4.5 per cent in Friday’s trade. The maximum fall of 4.38 per cent was in Som Distillers, United Breweries 2.13 per cent, United Spirits 2.21 per cent and Radico Khaitan 2.58 per cent.

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