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Hopes of a lower effective tax rate on tobacco products, including cigarettes and bidis, went up in smoke on Friday after the central government indicated it may impose an additional cess over and above the 40-per cent goods and services tax (GST) rate proposed for sin goods in the new GST regime.
On the bourses, investors pressed the “sell” button for Elitecon International, ITC Ltd, and VST Industries, triggering a decline of 1.6 per cent to 5 per cent in their share prices. On the contrary, Godfrey Phillips share price moved 6.5 per cent higher intraday and ended with gains
