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"While ITC trades at reasonable valuations (26x FY25e EPS), we expect the stock to remain range-bound, given near-term volume moderation (c.2% decline in 3Q), tax uncertainty until the final Budget and overhang from potential BAT stake sale," Maheshwari said.
The industry had sought uniform additional compensation cess on cigarettes/compensation cess on bidis/additional compensation cess on smokeless tobacco products/or lower compensation cess on cigarette sticks up to 70 mm. They had also sought a lowering of GST on electric vehicle batteries from 18% to 5%
New Delhi: The Goods and Service Tax (GST) fitment committee has declined the industry's request to reduce the tax on EV batteries and tobacco products, reported Moneycontrol.
India's central government has collected the highest amount of taxes from tobacco and tobacco products from the populous states Uttar Pradesh, Karnataka and Maharashtra. Finance Minister Nirmala Sitharaman said that taxes from cigarettes, pan masala and allied products account for approximately 2.39% of gross tax revenue for 2022-23.
Union Finance Minister Nirmala Sitharaman on Sunday clarified that the entire cost of the reduction in excise duty on petrol and diesel is borne by the Central government and the state's revenue won't be impacted by the move.