Smoking to be costlier as Budget proposes 16 per cent hike on cigarette responsibility
By PTI
NEW DELHI: Smoking to develop into an costly behavior because the customized responsibility on cigarettes have been elevated, Taxes on cigarettes will likely be hiked by 16 per cent. The announcement was made on the Union funds presentation on Wednesday by Finance Minister Nirmala Sitharaman.
Shares of cigarette firms, together with Godfrey Phillips India and ITC Ltd, plunged by as much as 5 per cent on the BSE on Wednesday after Finance Minister Nirmala Sitharaman introduced a hike in taxes on cigarettes within the Union Budget.
The inventory of Godfrey Phillips slumped as a lot as 4.92 per cent to Rs 1,828.75 on the BSE, whereas Golden Tobacco declined 3.81 per cent to Rs 59.4.
Shares of ITC have been buying and selling 0.78 per cent decrease at Rs 349 on the bourse.
NTC Industries dropped 1.4 per cent and VST Industries slipped 0.35 per cent.
NEW DELHI: Smoking to develop into an costly behavior because the customized responsibility on cigarettes have been elevated, Taxes on cigarettes will likely be hiked by 16 per cent. The announcement was made on the Union funds presentation on Wednesday by Finance Minister Nirmala Sitharaman.
Shares of cigarette firms, together with Godfrey Phillips India and ITC Ltd, plunged by as much as 5 per cent on the BSE on Wednesday after Finance Minister Nirmala Sitharaman introduced a hike in taxes on cigarettes within the Union Budget.
The inventory of Godfrey Phillips slumped as a lot as 4.92 per cent to Rs 1,828.75 on the BSE, whereas Golden Tobacco declined 3.81 per cent to Rs 59.4.
Shares of ITC have been buying and selling 0.78 per cent decrease at Rs 349 on the bourse.
NTC Industries dropped 1.4 per cent and VST Industries slipped 0.35 per cent.
