Mumbai: Your pack of Classic will burn a deeper hole in your pocket now as ITC raised 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 with “immediate effect”.
“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.
These are the revised prices of the following brands:
|Classic Balanced Taste||150|
|Classic Ice Burst||150|
|Classic Refined Taste||150|
|Classic Rich Taste||150|
|Gold Flake Kings Blue||150|
|Gold Flake Kings Red||150|
|Gold Flake Kings Gold||150|
|Gold Flake Filter||96|
|Navy Cut Filter||94|
ITC shares were trading positively on BSE and rose 1.63 per cent to Rs 293.20.