Liquor to be costly in Karnataka as Government Hikes Tax in Budget 2020-21
By Fathima Nihala - On March 17, 2020 4:06 pm
Liquor to cost more in Karnataka from April 1 as the BJP government in its 2020-21 budget on Thursday proposed to hike the tax to mop up additional resources in the face of unprecedented “financial difficulties”.
While presenting the budget in the assembly, Chief Minister B S Yediyurappa who also holds the finance portfolio, increased excise duty on Indian Made Liquor (IML) by 6% across all 18 slabs for the year 2020-21. The revenue collection target for the Excise Department for the year 2020-21 has been fixed at Rs.22,700 crore.
Former chief minister Siddaramaiah increased the additional excise duty (AED) on Indian made liquor (IML) by 8% from the second slab onwards to 18th slabs. The government has been increasing the taxation on liquor every year.
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench refused to grant stay on recovery of tax and interest demands to the Tune of Rs 1,223.83 crores. The assessee, Tata Steel has sought a stay on
The Central Board of Indirect Taxes and Customs ( CBIC ) has extended the deadline of GST Annual Returns ( GSTR-9 and GSTR-9C) for the financial year 2019-20 to March 31st 2021. The CBIC said