Cigarettes Set to Become Costlier as Union Budget 2023 Proposes 16% Hike in Duty | Economy News
New Delhi: Cigarettes are set to become costlier as the National Calamity Contingent Duty (NCCD) on specified cigarettes has been revised in the Union Budget 2023-24. Union Finance Minister Nirmala Sitharaman, while presenting the budget on Wednesday, proposed to revise the NCCD on specified cigarettes upwards by about 16 percent. The NCCD on specified cigarettes was last revised three years ago.
As per the budget, for entry-level filter cigarettes of length up to 70 mm, the NCCD has been increased from Rs 440 per 1,000 cigarette sticks to Rs 510. So, for a pack of 10 such cigarettes, the NCCD price impact is less than a rupee.
Similarly, for mid-range cigarettes whose length exceeds 70 mm but less than 75 mm, the NCCD has been increased from Rs 545 per 1,000 cigarette sticks to Rs 630. So, for a pack of 10 such cigarettes, the NCCD price impact is again less than a rupee.
For the premium range cigarettes whose length is above 75 mm, the NCCD has been increased from Rs 735 to Rs 850 per 1,000 cigarette sticks. So, for a pack of 20 such cigarettes, the NCCD price impact is less than Rs 3.
The budget announced on Wednesday proposed to reduce the number of Basic Custom Duty (BCD) rates on goods, other than textiles and agriculture, from 21 to 13. This has necessitated minor changes in the basic custom duties, cesses and surcharges on some items including toys, bicycles, automobiles and naphtha.
This Post is auto generated from rss feed if you got any error/complaint please contact us.