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BSE   24 Nov 17 | 12:00 AM

260.35 2.2 (0.85%)
Mkt Price (Rs)   Chg Rs (Chg %)
Code: 500875
Face Value: N.A.

NSE   24 Nov 17 | 12:00 AM

260.75 2.6 (1.01%)
Mkt Price (Rs)   Chg Rs (Chg %)
Code: ITC
Performance
1 Week : Rs 257.55 (1.09%)
1 Month : Rs 269.35 (-3.34%)
1 Year : Rs 228.75 (13.81%)
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Cigarette shares gain on GST Council proposals; ITC up over 5%

SI Reporter / Mumbai 17 Mar 17 | 09:53 AM

Shares of cigarette companies are in focus with ITC rallying over 5% in morning deals, after the Goods and Services Tax (GST) Council on Thursday cleared a proposal to cap the cess on tobacco and cigarettes.

ITC surged 7.5% to Rs 288 on BSE in intra-day trade. The stock was trading close to its lifetime high of Rs 292, touched on February 7, 2017.

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Godfrey Phillips India (up 5% at Rs 1,346), VST Industries (4% at Rs 2,748) and Golden Tobacco (3% at Rs 82) are other stocks rallied over 2% on BSE in intra-day trade. On comparison, the S&P BSE Sensex was up 0.53% at 29,742 points at 09:52 am.

On tobacco and cigarettes, the cap would be 290% or Rs 4,170 per 1,000 cigarette sticks, a Business Standard report suggests quoting government officials.

Currently, the tax on cigarettes is a mix of ad valorem (on estimated value of goods being taxed) and a specific tax. While the value-added tax (VAT) is ad valorem, excise is a mix of ad valorem and specific tax. “We will most likely use a combination of both. For instance, 50% ad valorem and 50% specific, so there are no leakages," the official said. CLICK HERE TO READ THE FULL REPORT. 

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