New Delhi: While GST shook the financial economy of Nation, ITC too played its part by raising prices of certain brands of cigarettes, following the 6-7 per cent hike in additional cess on cigarettes.
The GST Council on July 17 raised the compensation cess by Rs 485-792 per thousand cigarettes to take away an estimated Rs 5,000 crore annual ‘windfall’ manufacturers could have reaped from lower GST rates. Subsequently, ITC hiked cigarette prices immediately.
“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,” said the company statement, according to a report by Business Standard.
Prices of its Classic and Gold Flake brands have risen to Rs.150 for a pack of 10. The price of Wills has also been hiked to Rs 94 for a pack of 10. A pack of Wills Flake currently costs Rs 66.
ITC shares were trading positively on BSE and rose 1.63 per cent to Rs 293.20
List of the prices and their brands:
Classic Balanced Taste – Rs.150
Classic Ice Burst – Rs.150
Classic Refined Taste – Rs.150
Classic Rich Taste – Rs.150
Gold Flake Kings Blue – Rs.150
Gold Flake Kings Red – Rs.150
Gold Flake Kings Gold – Rs.150
Gold Flake Filter – Rs.96
Navy Cut Filter – Rs. 94