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ITC increases cigarette prices upto Rs.22 due to GST
Posted on: 26-07-2017 , 06:04:PM | DY365 Bureau

The King of Indian cigarette and tobacco Industry, ITC, has raised the prices of select brands of its cigarettes to pass on the 6-7 per cent hike in the additional cess on cigarettes after GST implementation.

A statement by ITC said that prices of its Classic and Gold Flake cigarette brands had been increased to Rs 150 for a pack of 10. The price of Wills has been raised to Rs 94 for a pack of 10. The revised new price of Wills Flake is now Rs 66.

The GST Council at its meeting on July 17 increased the compensation cess by Rs 485-792 per one thousand cigarettes.

“Prices of select brands have been revised. There is adequate availability of stocks in the market,” an ITC spokesperson said.

The company clarified the price hike would be immediate. “In respect of cigarettes manufactured or packed prior to July 18 and are yet to be sold to consumers, the maximum retail price stands revised,” the notice stated.

The price increase will affect sales in a considerable amount. However, since ITC is passing on the additional tax burden to its consumers, the operational margins of the company will remain stable.

 
 

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