ITC drops on reports GST Council is mulling sin cess

ITC lost 2.36% to Rs 240 at 15:25 IST on BSE on reports that the Goods and Services Tax Council is pondering over having multiple tax slabs for GST along with a 'sin' cess on demerit goods such as tobacco and luxury products.

The company currently pays 25% value-added tax (VAT) and 40% excise duty. After GST, ITC may have to pay 26% GST along with 'sin' cess, reports suggested.

Meanwhile, the S&P BSE Sensex was down 66.51 points or 0.24% at 27,984.37

On BSE, so far 15.44 lakh shares were traded in the counter as against average daily volume of 9.89 lakh shares in the past one quarter. The stock hit a high of Rs 245.90 and a low of Rs 238.50 so far during the day. The stock had hit a 52-week high of Rs 266 on 8 September 2016. The stock had hit a 52-week low of Rs 178.67 on 29 February 2016.

 

The large-cap company has equity capital of Rs 1211.16 crore. Face value per share is Re 1.

ITC's net profit rose 10.09% to Rs 2384.67 crore on 9.69% growth in net sales to Rs 9957.66 crore in Q1 June 2016 over Q1 June 2015.

ITC is a diversified company, with presence in cigarettes, hotels, paperboards & specialty papers, packaging, agri-business, packaged foods & confectionery, information technology, branded apparel, personal care, stationery and other FMCG products. ITC is a market leader in cigarettes.

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