Mumbai, March 8 (SocialNews.XYZ) Maharashtra Deputy Chief Minister and Finance Minister Ajit Pawar on Monday hiked the State Excise Duty and VAT on most types of liquor to collect an additional revenue of Rs 1,800-crore.
Presenting the State Budget 2021-2022, Pawar announced SED on branded Country Liquor by 220 per cent or Rs 187 per proof litre, whichever is higher and hoped to net an additional income of Rs 800 crore.
Similarly, VAT for foreign liquors of IMFLs as classified under Value Added Tax Schedule B has been hiked by 5 per cent -- from existing 60 per cent to 65 per cent, and for liquors specified under Sec. 41(5), it has been hiked from existing 35 per cent to 40 per cent.
These measures will generate an additional revenue of Rs 1,000-crore for the state exchequer, Pawar said.
The budget has estimated tax earnings of Rs 2,18,263 crore, which include revised estimates of Rs 1,84,519 crore on account of GST, VAT, CST, PT and other major taxes.
"Considering the current economic slowdown in the national and the state economy, it will not be easy to achieve the revised revenue estimates as above. However, the government will make full efforts to achieve the revised target in revenue collection," said Pawar, presenting the Maha Vikas Aghadi's (MVA) second budget.
Source: IANS
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