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Wednesday, October 5, 2022

Punjab govt to continue current excise policy for three months in next fiscal year

The Punjab government on Saturday announced to continue the excise policy of the current year (2021-22) for three months from April 1 to June 30 in the upcoming financial year (2022-23).

“For the upcoming financial year, we have taken forward the existing scheme with 10% increase in minimum guarantee quota, proportionately for three months,” said a senior officer of excise and taxation department.

The department will announce a renewed policy in June, he added.

A major source of revenue for the state, the excise policy, announced last year in February, pegged the revenue for the current financial year to Rs. 7,002 crores, with an increase of 20%from the last year’s target of Rs. 5,794 crores.

In the upcoming year, the excise department is expected to increase the revenue target further by 20%, touching around Rs. 8,400 crores.

“We have already surpassed current year’s target. Let us see how much increased targets we get for the upcoming year as it depends on the government now,” the official said.

The excise policy fixes the price and sale targets for Punjab medium liquor (PML) and Indian made foreign liquor (IMFL) and also decide on the number of vends in the state.

The policy also fixes target for distilleries in the state for manufacturing liquor, for licenses to hotels, restaurants and bars for sale of liquor.

The above news was originally posted on www.hindustantimes.com

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