Brief by Shorts91 Newsdesk / 11:39am on 23 Jul 2024,Tuesday India
In the 2024 Union Budget, Finance Minister Nirmala Sitharaman chose not to increase taxes on tobacco products, keeping cigarette prices unchanged. This decision benefited ITC, India’s leading cigarette producer, whose shares surged by 4.67% on the National Stock Exchange (NSE), closing at ₹488.35. Tobacco taxation falls under the GST Council's jurisdiction, with additional National Calamity Contingent Duty (NCCD) adjustments during the budget. Cigarettes significantly contribute to ITC’s revenue, accounting for over 80% of net profit. The company's stock opened at ₹467.05 on the Bombay Stock Exchange (BSE), peaking at ₹489.80.
