Karnataka Budget 2023 Highlights: Liquor will get more expensive in Karnataka as the govt proposes duty hike
Karnataka Budget 2023 Highlights: Liquor, including beer, is set to get dearer in Karnataka as the state government on Friday proposed to hike additional excise duty in the 2023-24 budget presented by Chief Minister Siddaramaiah in the Legislative Assembly on Friday.
Karnataka Budget 2023 Highlights: Liquor, including beer, is set to get dearer in Karnataka as the state government on Friday proposed to hike additional excise duty in the 2023-24 budget presented by Chief Minister Siddaramaiah in the Legislative Assembly on Friday.
Siddaramaiah, who holds the Finance portfolio, proposed to increase the existing rates of the duty on Indian Made Foreign Liquor (IMFL) by 20 per cent on all 18 slabs. He also proposed to increase the duty on beer from 175 per cent to 185 per cent.
"Even after the increase in excise rates, the price of liquor in our state would be lower when compared to the neighbouring states," the Chief Minister said in the budget speech.
With these hikes and effective enforcement and regulatory measures, the revenue collection target for the Excise Department for the year 2023-24 is fixed at Rs 36,000 crore, Siddaramaiah added.
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