Cash crunch hits liquor sales in Uttar Pradesh, Tamil Nadu
Get live News Updates visit us at Ripples Advisory or One Missed Call on @9303-093093
The cash crunch following the Union Government's move to demonetise Rs 500 and 1000 currency notes has hit liquor sales in Uttar Pradesh and Tamil Nadu. Liquor sales have gone down drastically in Uttar Pradesh. Since demonetisation, sales have gone down by nearly 50 percent over the past week. Now, experts fear that the state government might lose out as well in revenue collection and fall short of the financial year revenue target of Rs 19,250 crore. A bureaucrat on the condition of anonymity said that they were worried as excise revenue is the third largest source of earnings for the state after stamp duty and sales tax. A similar story was witnessed in Tamil Nadu.
Here, the government led by Chief Minister J Jayalalithaa was elected for a second term on the promise of prohibition. Jayalalithaa ordered shutting of 500 Tamil Nadu State Marketing Corporation (TASMAC) shops when she was sworn in as the Chief Minister in May 2016. She also ordered the reduction of liquor shops. But for the first few months, the sales were not affected.
The cash crunch following the Union Government's move to demonetise Rs 500 and 1000 currency notes has hit liquor sales in Uttar Pradesh and Tamil Nadu. Liquor sales have gone down drastically in Uttar Pradesh. Since demonetisation, sales have gone down by nearly 50 percent over the past week. Now, experts fear that the state government might lose out as well in revenue collection and fall short of the financial year revenue target of Rs 19,250 crore. A bureaucrat on the condition of anonymity said that they were worried as excise revenue is the third largest source of earnings for the state after stamp duty and sales tax. A similar story was witnessed in Tamil Nadu. 
No comments:
Post a Comment