Karnataka Budget: Liquor To Get Costlier In Karnataka

The price of liquor is set to get costlier as the Karnataka Chief Minister on Friday announced a hike in tax slabs on Indian Made Liquor (IML) in the state budget 2024.

Chief Minister Siddaramaiah said that the Karnataka government earned Rs 28,181 crore in tax revenue from the State Excise up to January in the fiscal year 2023-24. He further stated that the revenue collection target for the Excise Department in 2024-25 has been set at Rs 38,525 crore.

Additionally, Siddaramaiah announced plans to digitize all services provided by the excise department.

"We will establish timelines for different services, and automated approval will be implemented for those not met," he added.

This adjustment aims to align Karnataka's liquor prices with those in adjacent states. Chief Minister Siddaramaiah, in his budget speech, specifically mentioned that beer prices would see an increment.

In his budget speech, the Chief Minister highlighted the integral role of government guarantee schemes in the state's economic growth in his 15th budget presentation. According to him, these schemes are pivotal in fostering the development of all societal sectors.

Additionally, Siddaramaiah noted that the current budget would focus more on the weaker sections of society, asserting that the fiscal plan is designed to be a catalyst for comprehensive development. He expressed a strong desire to achieve political, economic, and social justice through these initiatives.

The commitment to guarantee schemes extends beyond mere electoral tactics, Siddaramaiah said. He emphasized that the allocation of Rs 57,000 crore to these schemes is a monumental step that even the central government has yet to undertake.