Odisha govt sets Rs 10,000 crore excise revenue target

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Bhubaneswar: Encouraged with the high growth in collection of Excise Revenue in the past two years, the State Government is eyeing for Rs 10,000 crore Excise and VAT Collection from liquor during the financial year 2023-24.

Principal Secretary Excise, Sushil K Lohani reviewed Excise and VAT collection in Excise Sector and it came to fore that the State had collected Rs.4053.51 crore from Excise and with VAT of Rs.1346.71 Crore liquor during the financial year 2020-21, which has been increased to Rs.5528.40 Crore Excise and Rs.2100 Crore totaling Rs. 7628.40 crore in 2021-22, thereby registering a growth of 41.26 percent.

Similarly, the State has collected Rs.6182.36 Crore from Excise and VAT from liquor making a record amount of Rs 8767.36 crore of Excise Revenue during the last financial year 2022-23 and registered a growth of 14.93 percent against the collection of previous financial year of 2021-22.

While Rs 4053.51 Crore Excise Revenue was collected during the financial year 2020-2, it has increased to Rs 5528.40 crore in 2021-22, thereby registering a growth of 36.39 percent. The excise revenue collection again increased by 11.83 percent to Rs 6182 crore in 2022-23.

Moreover, the State collected Rs 1346.71 crore VAT on excise items during 2020-21, which witnessed a growth of 55.93 per cent in 2021-22 and 23.08 percent growth in 2022-23.

The State had collected Rs 2100 crore and Rs 2585 crore VAT from liquor during 2021-22 and 2022-23, respectively.

To achieve the ambitious Excise Revenue target set for 2023-24, the State Government has come up with a comprehensive Excise Policy for the current fiscal.

As per the Policy, the license for new IMFL OFF shop in the State will not be issued. But the OFF shops can carry out modernization of their outlets during the year.

As the Department of Excise has increased the application fee for new/renewal of ‘OFF shops’ from Rs 1.1 lakh to Rs 1.2 lakh, the cost of IMFL will go up for the consumers. Besides, the minimum guaranteed quantity (MGQ) and retailer fee have also been increased in the new excise policy.

Similarly, the annual composite label registration fee for FL OFF shops, FL ON shops for sale of all brands has been fixed at Rs 50,000.

The Government has decided to not to accept any new application for ‘ON’ shop license for rural areas in 2023-24.

Similarly, there will be no increase in the number of FL-OFF, premium FL-OFF & CL shops for the year 2023-24. The license of existing FL-OFF & CL (ENA based) EP holders would be renewed for a period of one-year ie. up to the end of March, 2024.

However, in urban areas, a new ‘ON’ shop license can be granted for only star hotels and other hotels having such a minimum number of rooms to be decided by the Department of Excise.

The above news was originally posted on news.google.com