Price of IMFL set to rise after Kerala govt nod
After the Cabinet’s nod, the sales tax on foreign liquor levied under the Kerala General Sales Tax Act, 1963 will be increased by four per cent, the Kerala Chief Minister’s Office informed in a press release.
Thiruvananthapuram (Kerala) [India], November 23 (ANI): The prices of Indian-made foreign liquor in Kerala are all set to rise as the state Cabinet on Wednesday approved a four per cent increase in the general sales tax.
After the Cabinet’s nod, the sales tax on foreign liquor levied under the Kerala General Sales Tax Act, 1963 will be increased by four per cent, the Kerala Chief Minister’s Office informed in a press release.
For this purpose, a bill will be introduced in the Assembly to amend the Kerala General Sales Tax Act, 1963.
As per the release, the government has also waived off the turnover tax of five per cent, which was levied for distilleries producing and selling IMFL in the state.
The exemption from turnover tax on distilleries will result in a loss of revenue to the state. So, for making up for that, the current state general sales tax rate on foreign liquor would be increased by four per cent.
The Cabinet meeting also allowed the Kerala State Beverages Corporation to increase its warehouse margin by one per cent, the release further stated. (ANI)
