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BUZZ-India's cigarette makers gain; GST council caps cess on demerit goods
March 17, 2017 / 4:52 AM / 8 months ago

BUZZ-India's cigarette makers gain; GST council caps cess on demerit goods

** Shares of Indian cigarette makers gain 3-7 pct

** Goods and Services Tax (GST) council on Thursday set a cap on cess to be imposed on luxury, sin and demerit goods - reports bit.ly/2nxRedq

** In case of cigarettes and chewing tobacco, cess levied could be either 290 pct or 4,170 rupees ($63.58) per thousand sticks or a combination of both, according to reports

** “The cap on cess is the ceiling and the actual cess imposed may be slightly lower,” Nomura analysts write in a note

** ITC Ltd jumps as much as 7.34 pct to highest since Feb 7; stock top pct gainer on the NSE index

** Godfrey Phillips India Ltd rises 3.07 pct, VST Industries Ltd climbs 3.93 pct, Golden Tobacco Ltd gains 3.10 pct ($1 = 65.5850 Indian rupees)

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