cigarette price hike from today
Cigarette Prices To Increase From Today: February 1st, i.e. today, is not only important for the country’s financial budget, but it also brings big news for smokers . The government increases tax on tobacco products in the budget every year and this year too, the tax on cigarettes is likely to increase. From today, the situation will not be the same for cigarette, tobacco and pan masala lovers. The government has decided to impose a new excise duty on cigarettes and other tobacco products. The previously imposed GST compensation cess will now be replaced by a direct tax. This rule will come into effect from today. However, experts say that due to the fact that cigarettes are so expensive, people may turn to cheap smuggled cigarettes instead of quitting the addiction. Due to which health may also deteriorate.
- According to the new rules, the tax on cigarettes will range from Rs 2050 to Rs 11,000 for every 1,000 cigarettes.
- The price of cigarettes may increase from Rs 18 to Rs 70 to Rs 72, which will increase the financial burden on the common consumer .
According to the new rules, the excise duty will now be between Rs 2,050 and Rs 8,500 per 1,000 cigarettes. This tax can go up to Rs 11,000 in some categories. This tax is determined based on the length and variety of the cigarette. In simple terms, this tax, which was only Rs 200 to Rs 700 till now, has now been increased many times. Apart from this, the 40 per cent GST previously imposed on cigarettes will continue. This means that the overall tax burden may now reach 60 to 70 per cent, which was earlier around 50 to 55 per cent. The GST compensation cess previously imposed on these items has been removed, replacing it with a hefty excise duty. According to reports and experts, this tax increase will directly impact prices. A cigarette that costs Rs 18 today may cost you Rs 70 to 72 in the future. This means that even a small cigarette may now cost you a lot. This will make smoking an even more expensive habit for the common man.
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