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ITC shuts cigarette units on uncertainty over warnings
Taxing times for ITC
That the Union Budget would announce an increase in taxes on cigarettes was a given, but the expectation was in the range of a 10-15 per cent rise. This year, however, the finance minister has imposed an ad valorem levy of five per cent on the maximum retail price (MRP) of cigarettes over 65 mm length. Over the years, the market has learnt to discount the rise in excise duties as ITC tends to expand