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Excise duty hike will make Karnataka most expensive state for spirits in India: ISWAI

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Excise duty hike will make Karnataka most expensive state for spirits in India: ISWAIJuly 7, 2023Bengaluru, July 7 (IANS) The International Spirits and Wines Association of India (ISWAI) on Friday said that the excise rate hike in the Karnataka Budget 2023, presented by CM Siddaramaiah, will make the state most expensive for spirits in India. ISWAI CEO Nita Kapoor said that “the 20 per cent excise duty increase on IMFL will make Karnataka ‘THE’ most expensive state for spirits in India. The state share of taxes at 80 per cent of MRP has restricted the growth of premium brands in the state. This move will result in a further decline of premiumisation in Karnataka and proliferate informal supply chains where people will buy from neighbouring states.” The ISWAI urged the state to rationalise AED, thereby reducing the MRP of premium brands in line with its neighbouring states, the statement said. As per the state budget, additional excise duty on Indian-Made Liquor (IML) will be increased by 20 per cent on all 18 slabs. Additional excise duty on beer will be increased from 175 per cent to 185 per cent. However, the state government said that even after the increase in excise rates, the price of liquor in the state would be lower compared to the neighbouring states.–IANSmka/vdhttps://ians.in/detail/ktaka-budget-excise-duty-hike-will-make-ktaka-most-expensive-state-for-spirits-in-india-iswai–20230707191205/

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