New Delhi, Feb 1: Smoking will burn more money of people as the government has increased custom duty on cigarettes.
Union Budget presented by Finance Minister Nirmala Sitharaman on Wednesday stated that taxes on cigarettes will be hiked by 16 per cent. Shares of cigarette companies, including Godfrey Phillips India and ITC Ltd, plunged by up to 5 per cent on the BSE on after the announcement.