GST Council hikes Cess on Cigarettes from midnight; Govt. expects Rs. 5000 Cr additional revenue

GST Council hikes Cess on cigarettes, new tax rate to be effective from midnight tonight; FM Arun Jaitley says that such change will take away windfall manufacturers were making, and shall get Rs. 5,000 Cr additional revenue; Rate on cigarettes remains at 28% and ad valorem at 5%; Numerical value raised by Rs 485/1000 sticks for cigarettes up to 65 mm, by Rs 621/1000 sticks for cigarettes between 65-70 mm, while numerical value for non-filter cigarettes raised by Rs 792/...