Tobacco stocks tumble! New GST rates for sin goods weigh down shares; ITC falls 8%, Godfrey down Rs 400

Tobacco stocks experienced a sharp decline as the finance ministry formalized February 1st as the date for imposing additional excise duty on tobacco products and a health cess on pan masala. This move, replacing the existing GST compensation cess, will necessitate price increases for major cigarette manufacturers like ITC and Godfrey Phillips India.

Tobacco stocks tumble! New GST rates for sin goods weigh down shares; ITC falls 8%, Godfrey down Rs 400
Tobacco stocks experienced a sharp decline as the finance ministry formalized February 1st as the date for imposing additional excise duty on tobacco products and a health cess on pan masala. This move, replacing the existing GST compensation cess, will necessitate price increases for major cigarette manufacturers like ITC and Godfrey Phillips India.