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Liquor Stocks Plunge up to 5% as Maharashtra Govt Hikes Excise Duty on IMFL
- On Tuesday, the Maharashtra state cabinet sanctioned an increase in excise duties on Indian Made Foreign Liquor, country liquor, and imported alcoholic beverages.
- This decision came after an in-depth examination of excise frameworks implemented by other states, focusing on enhancing revenue, reducing illegal activities, and streamlining licensing processes.
- The government increased the tax on Indian Made Foreign Liquor by 50 percent, raised the duty on country liquor from Rs 180 to Rs 205 for each proof litre, and introduced a new category called Maharashtra Made Liquor.
- The state has established new price floors for 180 ml liquor bottles, setting country liquor at Rs 80, Maharashtra Made Liquor at Rs 148, Indian Made Foreign Liquor at Rs 205, and premium foreign liquor at Rs 360.
- These reforms, the first excise duty revision since 2011, are expected to raise Maharashtra's annual excise revenue by about Rs 14,000 crore and modernize excise administration.
20 Articles
20 Articles
Liquor stocks plunge up to 5% as Maharashtra govt hikes excise duty on IMFL
Liquor stocks such as Allied Blenders, United Spirits, and Radico Khaitan fell up to 5% on June 11 due to bearish investor sentiment after Maharashtra's government approved changes in excise policy, including increased duty on IMFL and a new category for Maharashtra Made Liquor.
Alcohol price to increase in Maharashtra as state hikes excise duty: Check revised rates here
Alcohol will become expensive in Maharashtra as the state government has decided to hike excise duties on Tuesday. The latest move from the state applies to both retail purchases from a liquor store and consumption in a restaurant or bar. Earlier in the day, the Maharashtra cabinet, chaired by Chief Minister Devendra Fadnavis, approved some of the measures to increase the revenue of the Excise Department. These initiatives are expected to boost …
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