Advertisement

HindustanTimes Sat,23 Aug 2014

ITC slumps over 6% on worries over higher taxes in budget

Reuters   June 23, 2014
First Published: 12:22 IST(23/6/2014) | Last Updated: 16:13 IST(23/6/2014)

Shares of India’s biggest cigarette manufacturer ITC Ltd fell more than 6% on a media report that the government may raise taxes on cigarettes aggressively in the upcoming budget in July, dealers said.

Advertisement

Union health minister Harsh Vardhan had sought an increase in tax on cigarettes of all lengths by Rs. 2 to 3.5 per stick, newspaper Economic Times said in a report on Friday.

"Although the previous government had raised tax on cigarettes by about 19% in February 2013, the increase was too little to lower consumption," the report quoted the minister as saying.


Advertisement
more from Business

All companies must apply 2-step payments for credit cards: RBI

RBI said that all transactions involving domestic credit cards must follow rules requiring additional verification, a stance that could impact companies such as Uber Technologies Inc that provide more simple app-based purchases.
markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved