Page 2 - Tobacco Industry

Avg annual revenue collection from tobacco products at Rs 53,750 cr: FM

Finance Minister Nirmala Sitharaman on Tuesday told the Rajya Sabha that the average annual revenue collection, including GST and excise duty, from tobacco products, stands at about Rs 53,750 crore. In reply to a question, the minister also said the GST rates, including compensation cess rates, on goods are fixed on the basis of the recommendations of the GST Council. Answering supplementary questions, she said many non-governmental organisations (NGOs) and consumer education forums have suggested to increase levies on tobacco products considering the health impact. "In the GST Council, we have formed a Group of Ministers (GoM). It has been given the terms of reference to see if on the capacity of a producing unit, where evasion is high, we can consider looking at an increase in the price. "Such items like tobacco have also been put into that list... We will wait for the GoM to come back with its recommendations," she said. Prasanna Acharya (Biju Janata Dal) had asked her if the .

Farmers' body asks PM Modi to withdraw bill on cigarette, tobacco

Farmers' body asked PM Modi to recall the proposed bill to amend the law regarding cigarettes and other tobacco products

Traders ask PM to drop 'harsh' norms on sale, promotion of tobacco products

New proposals like booking of retailers selling loose cigarettes and 7 years of imprisonment, are unacceptable, traders argued

Cigarette makers fume as govt proposes changes to anti-smoking law

India has over the years introduced tobacco controls and launched campaigns to deter its use, but enforcement of the law has been a challenge

World's largest cigar producer enjoys boom amid Covid-19 lockdowns

Already the world's largest cigar producer, Dominican Republic is on track to export a record $1 billion worth of tobacco products this year

A missed opportunity: ITC could build India's digital, agri-business model

A cash-strapped New Delhi, which is delaying fiscal support to an economy expected to lose a 10th of its real output this year to Covid-19, also needs to rethink its stance

Godfrey Phillips India in focus; shares advance over 14%

For the quarter ended June 2020, Godfrey Phillips India's consolidated net profit dropped 53.56 per cent to Rs 55.10 crore.

Saddled with Rs 1,700 cr stocks, farmers demand restart of tobacco auctions

Urge govt to direct Tobacco Board to coordinate with FCV tobacco manufacturers, exporters and traders to facilitate reasonable prices at pre-covid level at these auctions

Why high cigarette taxes hurt the economy

Loss of jobs due to increase in smuggling and counterfeiting is not on the radar of policy makers

Tax hike on cigarettes has led to other forms of tobacco consumption: ITC

ITC has said tobacco regulation should not be discriminatory to the cigarette industry, while asserting that the FMCG major has no plans to exit the segment despite its ongoing diversification. The Kolkata-based firm said taxes on cigarettes have "increased by more than 200 per cent in last few years" which has resulted in smuggling of cigarettes and other forms of tobacco in India. "If you look at the figures of tobacco consumption in India, over a long period it has not gone down. Tobacco consumption has only increased," ITC CEO & Executive Director Sanjiv Puri said in a media interaction. From cigarettes, it has shifted to illegal cigarettes or to other forms of consumptions, he added. "Legal industry has lost volumes to illicit trade... I think that's the concern we have and we really say that regulation should not be discriminatory to the cigarette industry," Puri said. When asked if ITC, which is on a diversification drive into new areas, could exit

How big tobacco is losing the fight to stop plain packaging of cigarettes

The tobacco industry has faced numerous courtroom defeats of late