GST Council increases cess on cigarettes

17 Juillet, 2017, 20:20 | Author: Claudine Rigal
  • GST impact on cigarettes GST impact on cigarettes news gst on cigarettes cigarettes gst gst on cigarette gst gst india gst rollout gst impact arun jaitley

Addressing the media post the 19th meeting of the GST Council, Jaitley said that while the ad valorem remains the same; the numerical amount for each category of non-filtered cigarettes (under 65mm, 65-70mm, 70-75mm) has been increased by Rs. 485 per 1000, Rs. 621 per 1000 and Rs. 792 per 1000 respectively.

Finance Minister Arun Jaitley on Monday said that the GST Council has hiked cess on cigarettes to take away the "windfall" manufacturers were reaping due to an anomaly that crept in after the GST rate fixation.

After implementation of GST, cigarettes fall in the highest 28% bracket and attract an additional cess depending on their length.

Up to 65 mm length: The price will increase by Rs 0.485 per cigarette.

ITC shares fell almost 3 percent intraday Monday on fears of likely increase in cess on cigarettes. After 15 days, it was indicated that the impact of cascading effect was not factored adequately, which resulted in windfall profit for companies, which they eventually transferred to the balance sheet.

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Jaitley had fixed August 5, as the date for the Council's next meeting. "It has been corrected and the pre-GST rates restored", he said.

The minister further said that over 70 lakh excise, service tax and VAT assessees have migrated to the GSTN portal and over 5 lakh new registrations have happened.

"The agenda is some rate issue", she said. From this it comfortably looks like that the original number of applicants which included duplication. which was 80 lakh, I think we are nearly on the verge of crossing that figure.

"In a large number of products we have seen that input credit helps in bringing down the cost", he said.

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