For all those who like to party hard and drink harder, the decision taken by the UT administration of hiking the price of both the Indian Made Foreign Liquor (IMFL), as well as countrymade Liquor, by 15 percent is likely to hit the hardest. The recently formulated new excise policy available for the year 2018-2019 revolves around the hike in the price of liquor whereas others like that of wine and beer remain untouched.
The main agenda behind this price hike is to promote the use of those kinds of beverages which contain a very minimum amount of alcohol content within it.
UT Administration to Increase Liquor Rates | Check Important Stats
The New Excise Policy of the UT Administration is likely to come into action from April 1, 2018. In order to commence with the implementation of the new prices, vends will be allotted with the help of the bidding process which will be held in the last week of March. This policy will increase the number of vends from 77 to that of 93. Last year saw a slash of the number of vends as liquor was banned. Also, the security allotment amount which was fixed at 40% will be relaxed and will now be fixed at 20%.
All the retail licensees should note that from now on, they will have to issue an invoice in relation to the amount of liquor sold by them on the priority basis. The hike in the sale price of liquor will be about 15% which still is comparatively less than the amount at which they are available in the neighbouring states of Punjab as well as Haryana. Also, all the departmental stores which have registered themselves with the GST Act of 2017, can only sell the Indian as well as the imported wine except for imported beer if they obtain a new license whose fees is Rs. 2 Lacs.
UT Administration to Target High Revenue
The UT excise and taxation department earned an amount of Rs. 354 crores last year and has set a target to earn around Rs. 450 crores in 2018-2019. The quota for IMFL of the liquor bottles has been decided to be increased to 90 lakh proof litres from 74 lakh proof litres and similarly, that of countrymade liquor from 8 lakh proof litres to 10 lakh per litres.
The main aim behind this is to promote beverages as well as the Indian Wine Industry which have low alcoholic content.