Indian tobacco stocks tank as government levies new tax on cigarettes

Indian tobacco stocks tank as government levies new tax on cigarettes

Shares of Indian tobacco companies slumped on Thursday after the government imposed a new tax on cigarettes, making them costlier for an estimated 100 million smokers in the world's most populous country.

Government's New Levies Shake Tobacco Stocks

Government's New Levies Shake Tobacco Stocks In a significant move set to impact the market, the government has announced that starting February 1, additional excise duties and a health cess will be imposed on tobacco products and pan masala. This new levy is in addition to the existing GST on these 'sin goods'.The financial markets reacted swiftly to the news, with shares of major tobacco companies taking a hit. Godfrey Phillips India saw its s…

Indian Cigarette Maker ITC Slumps After India Raises Tobacco Tax

Shares of ITC Ltd., a top cigarette maker in India, plunged the most in nearly six years after India announced higher taxation on tobacco products.

Cigarette, Beedi To Become Costlier From Feb 1

In addition to GST, pan masala will be subject to a newly introduced Health and National Security Cess, while tobacco and allied products will face an additional excise duty.

Additional excise duty on tobacco, health cess on pan masala to be effective February 1

Starting February 1, new excise duties and a health cess on tobacco and pan masala will be implemented, replacing existing levies.

India imposes excise duty on cigarettes, effective Feb 1

India is home to an estimated 100 million smokers. Read more at straitstimes.com.