Cigarettes stocks decline during early trade
DSIJ Intelligence / 18 Jul 2017
In order to ensure that the effective tax rate does not reduce the prices of cigarettes, the GST Council has increased the compensation cess on cigarette prices before the implementation of GST.
In order to ensure that the effective tax rate does not reduce the prices of cigarettes, the GST Council has increased the compensation cess on cigarette prices before the implementation of GST.
Despite falling in the 28% GST rate,the 5% ad valorem on cigarettes remain, the additional cess will change as per the length of the cigarettes.
Cigarette stocks, meanwhile, were down.Godfrey Phillips India was down 8.5% at Rs 1,122.50 per share, ITC was down 12.4% at Rs 285.25 per share, VST Industries was down 4.6% at Rs 3,396.00 per share and NTC Industries was down 2.2% at Rs 44.85 per share during the early hours of Tuesday’s trade.
Meanwhile, BSE FMCG index slipped 6.48% or 690 points at 9,955.78 levels.
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