Shillong, Oct 31: The State Cabinet on Tuesday approved the amendment of the Meghalaya Excise Amendment Rules, 2021 for reclassification of brands to ensure additional revenue of Rs 50 crore is collected by excise department.
Addressing media persons, Cabinet Minister Marcuise N Marak said, “There are various brands in our State and we have reclassified (them) for better tax collection. Now, we will have five categories instead of six categories.”
He said that the excise duty is expected to increase by 15% and that the State will be getting additional revenue of Rs 50 crore per year. At present, excise collection is about Rs 350 crore per year.
Commissioner & Secretary in-charge of the department Sanjay Goyal said the revenue collection of the department during the last five years was around Rs 1,200 crore.
On the steps taken to increase the revenue generation, Goyal said, “This is one of the major steps; (we) have rejigged the classification of the brands. We have studied the kinds of classification our neighbouring states are having and what kind of advantage we can draw in classifying.”
He further stated that the exercise will not impact the MRP (Maximum Retail Price) by much, pushing the prices up by only 9-10 percent. According to him, this rejigging will help the department get around 5% additional revenue without impacting on the MRP.
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