Punjab Cabinet approves Excise policy 2023-24 with Rs 9,754 cr target
Punjab Cabinet Friday approved an excise policy for the financial year 2023-24 with a target to collect Rs 9,754 crore in revenue, a jump Rs 1,004 crore collected in the last fiscal year.
In another decision, the Cabinet also approved 'Punjab State Minor Mineral Policy-2023' to provide sand and gravel at affordable rates to the people of the state.
Decisions to this effect was taken by the Cabinet under the Chairmanship of Chief Minister Bhagwant Mann here, said an official release.
In order to maintain stability of liquor trade and to continue reforms initiated last year, the retail sale licenses are being offered for renewal to the existing retail licensees, said the release.
"The policy aims to collect Rs 9,754 crore during the year 2023-24, giving an increase of Rs 1,004 crore," it said.
As per the policy, the value added tax charged on liquor sold by beer bars, hard bars, clubs and microbreweries has been reduced to 13 per cent, in addition to 10 per cent surcharge.
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