Haryana's New Excise Policy

• 16 May 2024

Why in News?

Recently, the Haryana Cabinet gave its nod to a new excise policy for the year 2024-25 after receiving approval from the Election Commission.

Key Points

• There will be a slight increase in the excise duty on IMFL (Indian Made Foreign Liquor) and country liquor in the new policy starting from 12th June.
• The cabinet met here under the chairmanship of Chief Minister Nayab Singh Saini.
• The maximum basic quota of IMFL will be 700 lakh proof liters (Measurement Unit) and 1,200 lakh proof liters for the country liquor for the year 2024-25.
• The QR code-based track and trace system that was introduced in 2023-24 for IMFL and country liquor will be extended to imported foreign liquor as well.
• The maximum number of retail vends will remain the same in the new policy. Any person desirous of participating in the e-auction will be required to furnish an Aadhar Card or Parivar Pehchan Patra, Income Tax Returns for the last three assessment years and must have a minimum net worth of Rs 60 lakh.
• As the Model Code of Conduct is in force in view of the ongoing Lok Sabha election, the approval of the EC was taken before the decision was taken on the policy.

Model Code of Conduct

• The MCC is a consensus document. The political parties have themselves agreed to keep their conduct during elections in check and to work within the Code.
• It helps the EC in keeping with the mandate it has been given under Article 324 of the Constitution, which gives it the power to supervise and conduct free and fair elections to the Parliament and State Legislatures.
• The MCC is operational from the date on which the election schedule is announced until the date of the result announcement.
• The government cannot announce any financial grants, promise construction of roads or other facilities, and make any ad hoc appointments in government or public undertaking during the time the Code is in force.

Income Tax Return

• Income Tax: It is a tax charged on the annual income of an individual or business earned in a financial year.
  • The Income Tax system in India is governed by The Income Tax Act, 1961 and it is a direct tax.
• Income Tax Return: It is a designated document used to convey details about an individual's earnings in a financial year and the taxes paid on that income to the Income-tax Department.
  • This form also facilitates the carrying forward of losses and enables individuals to claim refunds from the income tax department.