Govt increases duty on tobacco products
Updated: Jan 28, 2014 02:33:36pm
New Delhi, Jan 28 (KNN) The government has announced an increase in excise duty on tobacco products including gutka, chewing tobacco, unmanufactured tobacco and filter khaini packed in pouches, a move which will make these products expensive and reduce their consumption with a positive impact on health.
The duty rate on tobacco products was last revised in the Budget 2012-13.
Meanwhile, tobacco manufacturers have sharply reacted to the government’s new policy.
“The government’s decision will badly impact the business. We want to appeal to them to decrease the excise duty,” said an official from Gopal Corporation Private Limited.
The government has also decided to impose an export duty of 5 per cent on iron ore pellets, considering the domestic requirement of iron ore pellets.
Iron ore fines and lumps are leviable to an export duty of 30 per cent. However, these products are exempt from export duty.
In April-November 2013, exports of iron ore pellets have risen sharply, causing an apprehension about shortage of iron ore in the country. (KNN/ST)
The duty rate on tobacco products was last revised in the Budget 2012-13.
Meanwhile, tobacco manufacturers have sharply reacted to the government’s new policy.
“The government’s decision will badly impact the business. We want to appeal to them to decrease the excise duty,” said an official from Gopal Corporation Private Limited.
The government has also decided to impose an export duty of 5 per cent on iron ore pellets, considering the domestic requirement of iron ore pellets.
Iron ore fines and lumps are leviable to an export duty of 30 per cent. However, these products are exempt from export duty.
In April-November 2013, exports of iron ore pellets have risen sharply, causing an apprehension about shortage of iron ore in the country. (KNN/ST)
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